SB County Defaults on the Rise in 2Q

This is bad news for the city of Rialto, because it means that more houses are going to be on the market for the upcomeing quarter, and home sales or goning to drop drastically. This could mean that the Taxes that Rialto City is anticipating getting their hands on next July might not be there, They better hope for the Utility Tax, but I have to say that if these homes are standing Empty, and not one person is in them to have Utilities for them there is not much collected for the city!! Again that is bad news for the Police Deapartment and the future budget, that the New chief has to work with. We will have to see how it plays out!!

BSRanch

Article Launched: 8/04/2006 12:00 AM

S.B. County defaults on the rise in 2Q
Inland Valley Daily Bulletin

Slowing price appreciation levels caused foreclosure activity in San Bernardino County to soar 68.3 percent in the second quarter compared the to second quarter of 2005.

Lenders sent out 1,839 notices of default in the second quarter, up from 1,093 twelve months earlier -- which was the lowest level for the county since DataQuick began tracking defaults in 1992.

"This is a measure of financial distress. It is rising. But it is rising toward normal," said Andrew LePage, an analyst for DataQuick Information Systems.

According to DataQuick's records, San Bernardino County has had an average 3,830 default notices filed every quarter.