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The San Francisco Chronicle reports that mortgage deliquencies in California reached "historic" lows in Q1 2005.
California's seasonally-adjusted default rate of 1.82% is the lowest in 26 years and 0.31% lower than Q4 2004. California foreclosures represented 0.2% of total loans outstanding -- the lowest figure in the country.
One theory behind these numbers is that when California homeowners face financial struggles, they are able to sell their homes quickly -- usually for a profit -- in the quickly-appreciating Real Estate Market.
Another theory is that as more mortgage products are developed and reach the general masses, lenders' abilities to match the proper mortgage product to a homeowner and their lifestyle is growing.
How many people, for example, have dropped their high-payment 30-year fixed mortgage for a more appropriate 7-Year Interest Only ARM?
Only after Real Estate prices flatten out a bit will we know the answer.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
You can also find Dan on Twitter and Google+.
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