Foreclosure cataclysm hits anew in L.A. area

This story, written by Gregory Wilcox and published in the Daily Breeze on March 11, shows the news catching up to what Mr. Mortgage and a few others have been warning us about now for some time.

Foreclosure.com president Alexis McGee notes that despite efforts by governments to keep foreclosures off the market, the wave of foreclosures is intensifying, and will be further intensified by rising unemployment.

County foreclosures hit 3,921 in February, +69% from January and +58% YOY.

County notices of default hit 9,228 in February, +47% from January and +37% YOY.

McGee believes the loan modification part of the porkulus coming out of Washington will "help tremendously. We're going to see a drop in foreclosures." But McGee doesn't sound completely confident when she goes on to say, "We don't know how many that's going to help."

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The L.A. Times blog weighs in with a little more data from RealtyTrac.

1 in 440 homes in the U.S. is in foreclosure in February. In Nevada, it is 1 in 70. In Arizona, it is 1 in 147. In California , it is 1 in 165. Out of the top 10 cities for foreclosures, 6 were in California.