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Nine percent of Kern home loans delinquent in July
| Monday, Sep 22 2008 3:16 PM
Last Updated: Tuesday, Sep 23 2008 7:29 AM
More than 9 percent of active home loans in Kern County were delinquent in July, according to the latest report from First American CoreLogic.
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There were 104,081 active loans in July.
A year earlier, 3.3 percent of local mortgages were 90 or more days in arrears, the Santa Ana-headquartered real estate research firm reported.
The Kern County Recorder’s office counted 925 foreclosures in July, most of those houses, and 1,227 new default filings. A default is the first legal step in a possible foreclosure.
A First American price index for Bakersfield — which includes all of Kern County — found a year-over-year decline of 25.4 percent in July to a median price of $205,000.
Single-family home sales rose, with 749 sales in July; 134 were new homes. A year earlier, 655 sales were recorded.
Bakersfield appraiser Gary Crabtree found more than 67 percent of metro Bakersfield’s single-family home sales in July involved foreclosed properties or lenders taking a loss to prevent foreclosure.