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Mortgage Defaults Skyrocket
The number of Bay Area homeowners defaulting on their mortgage increased by 65 percent in August, the real estate website ForeclosureRadar reported Tuesday.
The report erases months of declining numbers and appears to dash hopes that the region's housing market is poised to rebound.
The number of mortgage defaults rose in each of the Bay Area's nine counties, with the East Bay counties of Alameda and Contra Costa featuring the most troubled borrowers.
Dramatic increases in mortgage defaults are often seen as a sign of a coming wave of foreclosures. The number of foreclosures also rose, but by a more modest 5 percent.
Aaron Glantz covers housing, real estate, development, and veterans issues for The Bay Citizen. Before joining TBC, Glantz spent seven years covering the war in Iraq and the treatment veterans receive when they come home. ...
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Anneke K
Is there any data to indicate if these are strategic defaults?
Hetty Pascuali
First it was insurance http://www.cheapinsurance123.com/blog/2011/09/16/unemployment-in-u-s-deepens-health-insurance-crisis/ and now mortgage. Government is not the hard floor we have a right to expect after being good law-abiding citizens and paying our taxes.