MORTGAGE DEFAULTS RISE IN SANTA CRUZ COUNTY

According to Santa Cruz Sentinel staff writer Jondi Gumz, "mortgage defaults have been on the rise statewide since Fall 2005." Santa Cruz County is no exception. And as home appreciation slows down, homeowners in default will find it difficult to sell.

Gumz includes some interesting statistics:

• 452 default notices were sent to homeowners in Santa Cruz County in 2006, compared to 333 in 2005.
• 29 default notices have been mailed out to Santa Cruz County homeowners already this year, compared to 20 at this time in 2006.
• In 2006, 151 foreclosure sales took place in Santa Cruz and Monterey Counties. In 2005, the number was 39.
• 16 foreclosures have already taken place in Santa Cruz and Monterey Counties during the first two weeks of 2007

To read the full article, go to: "Mortgage Defaults Spike"

Some analysts predict that the large number of adjustable rate mortgages with artificially low introductory rates issued in the past few years will add significant numbers to the default rolls. Some borrowers will need to refinance to protect their property. Some will need to sell. If you are considering a sale to protect your equity or your credit, contact me at Frank@FrankMurphy.net for help with the selling process.