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Foreclosures surge in first half of year
| Thursday, Jul 3 2008 2:56 PM
Last Updated: Thursday, Jul 3 2008 3:03 PM
Kern County has been inundated by property foreclosures during the first six months of 2008, with totals already surpassing last year’s record-breaking numbers by more than 1,000, Kern County Recorder’s office statistics show.
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Through June, 4,031 properties had been foreclosed on in the county, compared with 3,007 foreclosures during all 12 months of 2007.
Foreclosures have risen steadily each month since July 2007, with 823 recorded in June, a 9.9 percent increase from May, according to the recorder’s office.
Notices of default, which signal missed mortgage payments and are the first legal step in the foreclosure process, were down slightly in June, with 1,259 recorded compared with 1,272 in May.
Prior to 2007, the record for foreclosures appears to have been 1998, when 2,683 properties went to the auction block.
The county’s report does not include figures from before 1995.