a dog-eared town

Because surely all these default notices are a normal part of the lending cycle.

The number of mortgage default notices sent to California homeowners last quarter rose to its highest in nearly 10 years as home prices stagnated and rates on adjustable loans pushed higher, a report released on Monday said.

Mortgage lenders filed 46,760 notices of default from January through March, marking an increase of 23.1 percent from the previous quarter and 148 percent from the year-earlier period, according to a report by DataQuick Information Systems, a real estate information service.

I’d go on to more, but really, what more is there to say. All those apologists for the real estate industry who all along kept saying, there is no bubble should be ashamed. They won’t, but they should be.

All in all, just a better opportunity for me to pick up a cheaper house.