RECORD BROKEN FOR OC

You would think this to be a good topic, but we are talking about foreclosures and notice of default. Banks file a notice of default after a home owner has missed 3 consecutive payments. This is the first step in the foreclosure process. According to DataQuick, banks recorded 7,082 notices of default in the first quarter of 2008; just in Orange County.

March alone had 2,476 notices of default which is up from the record breaking 2,352 in January 2008. These records were last set in 1996 when March was also the peak month at 2,320 with the first quarter at 6,422.