Tuesday, July 28, 2009

Foreclosures in California are Greater than NATIONAL new home sales

While the Census reported new home sales came at 36,000 for the month on an unadjusted basis, Foreclosure Radar reported:

Notices of Default, the initial step in the foreclosure process, rose by 11.8 percent to the second highest level on record at 45,691 filings. Year-overyear filings increased by 10.0 percent from June of 2008.

Mark is close (and things are horrendous), but they aren't quite that bad. So, please use the following quote going forward:

"National New Home Sales, on a monthly basis, don't even add up to 80% of the total foreclosure activity in California alone in a single month."