Default Notices Continue to Rise in 2Q2006

From April to June 2006, the number of new California foreclosures surged 67.2% from the year-earlier period, the fastest increase since 1992, according to a report by Dataquick Information Systems. Despite four consecutive quarterly increases in new California foreclosure activity, the current volume of 20,752 new default notices remains significantly lower than the historically "normal" quarterly average of 32,762 and barely one third of the peak level of 59,897 reached in the first quarter of 1996.