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Go back in the archives and see what I said regarding CA and all their
option ARM loans. This has only just begun for that State. I said it before and
I'll say it again. "holy cow" for that State!!
Lenny
In a message dated 8/3/2008 10:20:09 A.M. Eastern Daylight Time,
Code2@xxxxxxx writes:
>
2. The # of mortgages in california that are more than 30 days
>
behind in payments is 4%. Not the 21% you seem to have made up
out
> of thin air (just what source do you claim to cite for
that
> anyway?). That 4% is about 4 times "normal" but even that
is more
> than the number in actual foreclosure.
That figure
sound more accurate. A RealtyTrac article July 25 said
that
foreclosure proceedings (the next step after default) commenced
on one in
every 65 households in California during the second quarter.
That's 1.5%,
but remember that that's just foreclosures commenced
during April to
June.
The whole article is at
http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=4891&accnt=64847
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