As I mentioned in a previous post that California was receiving funding for more mortgage counselors, it could not have come soon enough. As reported in Reuters, The DataQuick Information Systems report said the 31,676 foreclosures in the fourth quarter were more than double California's previous peak in 1996 and marked a 421.2 percent jump from a year earlier. The fourth-quarter default notices represented the highest number in more than 15 years, it said. I doubt the recent Federal Reserve interest rate cut will do any good.

Labels: foreclosure, Sub-Prime Mortgages