From abc7: “In Orange County, there was a 101.9 percent jump in default notices sent to homeowners over the same quarter last year, according to DataQuick Information Systems.”
“It was much the same story across Southern California, with foreclosure notices increasing 104.8 percent in the six-county region in the third quarter, DataQuick reported. San Diego County saw a nearly 160 percent jump in foreclosure notices over the same quarter last year, while Riverside saw a 140 percent rise.”
From the OC Register: “Leslie Appleton-Young, chief economist for the California Association of Realtors, is projecting a ‘modest’ price decline following years of price gains in the double digits.”
“Young projected that the median California home price will fall to $550,000 next year from this year’s projected median of 561,000. Sales will tumble to 447,500 homes changing hands in 2007, compared to 481,200 home sales expected this year.”
UPDATE #1 – Here’s the link to the foreclosure info from DataQuick
UPDATE #2 – Some nice charts from the OC Register
Chief Economist Leslie Appleton-Young.
“‘Looking to 2007, we expect that some regions of the state, including the Central Valley, San Diego and Riverside/San Bernardino regions, will experience sales declines greater than the state as a whole,’ she said.
Read it. Inherent in this statement: ALL REGIONS WILL FALL…. just these ones mentioned, MORE than the others…..
Quite the 180 from 6 month ago, eh Leslie? And a wide covering CYA….
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It really does my heart good to start seeing these numbers. I have been waiting since last fall for these numbers to show up. I can’t tell you how many people thought I was off my rockers when I told them prices would go down. I live in Ladera Ranch and another popular trend I have been seeing are the constant tow trucks, and they are not there to repair the brand new Mercedes.
This Leslie Appleton-Young is full of bs. She represents the California Association of Realtors and has to maintain an optimistic appearance. If she forecasts gloom and doom, her realtor buddies will all be out of a job.
In response to the Tow Truck comment.
I am willing to bet that in the near future we will see a great spike in automobile repo’s just like we are seeing a spike in home repo’s! In six months RE agents will all be driving 2001 Toyota Camary’s instead of O6 leased Lexus ES 330’s, telling all their friends “it’s essentially the same car anyway” LOL