CA Foreclosures Surge, With No Peak in Sight

California foreclosure sales surged by 40% in October
(and by 568% from the level recorded a year earlier)
and they are unlikely to peak until late next year,
according to ForeclosureRadar, Discovery Bay, Calif.

The company reported that 12,336 California foreclosures
(with a total loan value of $5.0 billion) were sold at
auction in October, compared with 8,118 (with a total
value of $3.6 billion) in September. We see no sign
of a foreclosure peak at this point, and we don\'t
expect to see one until the third or fourth quarter
of 2008 at the earliest, said Sean O\'Toole, founder
and CEO of ForeclosureRadar.

The sales we are seeing now are from missed payments
in March. So current auction sales really have not
yet been impacted by either August\'s liquidity crunch
or the ARM reset peaks this month and again in March \'08. ForeclosureRadar, a foreclosure listings and software
company, can be found on the Web at
http://www.foreclosureradar.com.