755 Percent Increase In Bay Area Foreclosures - News Story - KNTV | San Francisco: "SAN JOSE, Calif. -- New statistics about the number of foreclosures in the state of California are causing alarm among those who keep watch on the real estate market, NBC11's Vicky Nguyen reported Wednesday.
According to DataQuick, a company that provides real estate and land data, the number of homeowners who could not pay their mortgages has hit an 11-year high in the state of California.
There were 258 foreclosures in the Bay Area in the second quarter of 2006. That number spiked to 2,206 in the second quarter of 2007. That's a 755 percent jump, according to DataQuick.
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