California home owners have been walking away from their mortgages in bunches. Some say Californians expect state protection from predatory lenders, and honesty from professionals. Time is money in California, where one can get behind faster than a sandstorm in the California desert. Mortgage servicers recorded “notices of default” on 118,020 homes from April to June, up 125% from the same period in 2007, according to DataQuick Information Systems. That total was the highest since the firm began recording foreclosure statistics in 1992.
Is the trend because of investors, Alt-A buyers, foreign homeowners, or just a trend across the board? No breakdown was provided at this point in the statistical analysis. However, many baby boomers have considered leaving the craziness of California for the last few years. The inability to understand your gardener, carpet cleaner, grocery clerk, and mortgage broker might be part of the problem. As I see it California has changed so much over the last 40 years that it would not take much so send the mortgage company the keys. Adios Abdul, I’m off to Arizona!