California Foreclosures Shoot Through the Roof

Foreclosures Soar 228%

Thursday, Oct 23, 2008  |  Updated 1:33 PM PDT
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California Foreclosures Shoot Through the Roof

AP

A foreclosure sign is seen on the lawn of a home for sale in Stockton, Calif., Wednesday, May 7, 2008. An industry group said Wednesday that pending U.S. home sales dropped to a new low in March, signaling the housing slump has yet to bottom out even as the spring sell season gets under way.(AP Photo/Marcio Jose Sanchez)

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A tracking firm says home foreclosures in California soared 228 percent in the past three months from a year ago, with nearly 80,000 homes taken back by lenders.

MDA DataQuick says in its report Thursday that the third quarter saw the largest number of foreclosures since the company started tracking the figures in 1988.

A total of 79,511 homes were lost in the quarter ending Sept. 30, compared to 24,209 in the same period last year.

A total of 63,316 homes were repossessed in the second quarter of this year ending June 30.

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