March 12, 2009 CALIFORNIA FORECLOSURE REPORT
California's Average Negative Equity at Foreclosure Exceeds $200,000 Notices of Default and Properties Sold at Auction Continue to Rise in February Discovery Bay, CA, March 12, 2009 ForeclosureRadar, the only website that tracks every California foreclosure with daily auction updates; today issued its California Foreclosure Report for February 2009. The average difference between current market value and outstanding loan amount exceeded $200,000 for properties sold at foreclosure auction in February. This represents a 189 percent increase in negative equity when compared to properties foreclosed on a year earlier. Notices of Default have increased 21.3 percent from January and have nearly returned to the peak levels reached in April 2008, despite the President's Day holiday and February being a short month. Properties sold...
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