Monday, August 6, 2007

California Leads Nation in Foreclosures in July 2007

There's something special about being ranked No. 1 in the nation.

Not talking USC football here. (Although Rancid Truth hereby predicts a 12-0-0 season for the Trojans in 2007. Remember you heard it hear first).

No, unfortunately California earns the No. 1 distinction in another, more dismal category: home foreclosures.

California year-to-date pre-foreclosures are at 132,101.

For July, 23,662 foreclosures were filed in the state. Florida is a close second to the Golden State with 21,120 filings in the same month.

"The numbers are dismal, but we had better get used to it because the
blood-letting will likely continue for another 12-18 months," says President Alexis McGee. "It's a tough reality, but many more overextended homeowners not even in default yet won't be able to refinance because of tightened credit markets and will eventually lose their homes to foreclosure."


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