That’s not a misprint.
The foreclosure rate for all Southern California was up 725% over the previous year quarter. It’s happening across the board, for pricey homes as well as small ones. Apparently well-off folks who could have gone with a 30 fixed mortgage went the variable rate route instead.
We are still on the leading edge of subprime resets.Â Many more foreclosures are coming. This aren’t abstract statistics but real people whose lives are being turned upside down.