Bloomberg.com has reported that the California mortgage defaults more than doubled in the third quarter to the highest level in more than a decade as the housing slump battered homeowners.Bloomberg.com has reported that the Homeowners received 72,571 default notices, more than double the 27,218 filed a year ago, DataQuick Information Systems, a La Jolla, California-based provider of real estate data, said today in a statement. The default level was the highest since the first quarter of 1996, when 61,541 notices were recorded in California.
Bloomberg.com has reported that the Home sales in the state last month plunged 39 percent, and the median price for existing houses and condominium units fell 4.7 percent, the California Association of Realtors said earlier this week. The decline in values and demand “gave people fewer options,” preventing them from selling their homes, refinancing or taking out an additional mortgage to avoid default, DataQuick analyst Andrew LePage said.