California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

Nationally a total of 937,840 homes received a default or auction notice or
were repossessed by banks, a 23 percent increase from a year earlier according
to Irvine based RealtyTrac.

It also reported that 343,638 properties received foreclosure filings in September
alone, the third-highest monthly total behind July and August of this year. The
September number fell 4 percent from the previous month, though it climbed 29 percent
from a year earlier.

Six states accounted for more than 60 percent of total filings in the U.S., led
by California’s 250,054 or 26 percent of the total foreclosure filings.
Additionally, filings in the state rose 19 percent from the third quarter of 2008.
Bank seizures jumped 12 percent from the previous quarter.

On the defaults, nationally a total of 108,372 homes got a default notice last quarter,
with some borrowers in default on multiple loans, MDA DataQuick said. Meanwhile,
default notices on California home mortgages rose almost 19 percent in the third
quarter from a year earlier as job losses and falling property prices deepened the
state’s housing recession according to MDA DataQuick.

Some California homes in the DataQuick survey received more than one default notice
in the quarter.

I am Tim Johnson and this has been the California Business Minute.