Things are looking less than lovely for California mortgages these days. According to Foreclosureradar.com, notices of default rose significantly between February 2011 and March 2011.
Foreclosures have been creeping up on Northern California – particularly San Francisco – for quite a while now, and the trend is apparently destined to continue. Pulse of the Bay News reports that Contra Costa County saw a 28% rise in default notices, and Santa Clara’s rose by a whole 34%. (Santa Clara’s rate is twice the overall California average of 17%.)
San Francisco county and Alameda county, however, stayed fairly stable, which seems like a pretty good thing. Sales are still down but not by much – the storms seems to be getting a little bit calmer.