| Home | September 2010News | Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy |
| |
|
|
 Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy- Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy
- September 16, 2010
-
Los Angeles County Notices of Default rose sharply in August to their highest level since September 2009. The numbers - a leading indicator of the health of the Los Angeles housing market - show that 5,323 homeowners were placed on notice by their lenders that their mortgage payments were late.
Notices of Default, issued when mortgage payments are at least 30 days late, is the first step taken by lenders to notify mortgagors that additional collection steps, including foreclosure filings, will be taken unless immediate steps are taken to bring a mortgage current.
Serdar Bankaci, CEO of Default Research, Inc., says the reason for the recent surge in pre-foreclosure filings is due to high Los Angeles County unemployment rates as well as weak economic data - both locally and statewide....
- View more at: http://www.1888pressrelease.com/los-angeles-county-notices-of-default-up-33-default-resear-pr-241243.html
|
Previous