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E-mail StoryKern defaults hit another record
| Tuesday, May 6 2008 12:51 PM
Last Updated: Tuesday, May 6 2008 1:02 PM
April racked up another record month for local defaults and foreclosures, with 1,303 default notices sent out and 723 delinquent loans foreclosed on, the latest report from the Kern County Recorder’s office shows.
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The numbers are up slightly from March: 3 and 13 percent, respectively.
Since April 2007, however, they’ve jumped dramatically — more than doubling that month’s 526 default notices and more than quadrupling its 165 foreclosures.
The recorder’s office has tracked the filings since 1995.
Bakersfield appraiser Gary Crabtree reported the pace of defaults ending in foreclose has substantially quickened since 2006.
Then, just one of every eight delinquent loans foreclosed.
So far in 2008, Crabtree reported, half of Kern’s defaulting loans have foreclosed.