Foreclosures triple in the Valley

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News item from the Daily News: ‘Foreclosures more than tripled last month in the San Fernando Valley, with the sub-prime loan crisis creeping into higher-priced neighborhoods, a research center said Wednesday.’

More: ‘The 324 percent jump in foreclosures equated to 534 families losing their homes because of delinquent mortgage payments, said the San Fernando Valley Economic Research Center at California State University, Northridge. ... ‘It’s basically people who took out mortgages where they used a partial-pay option and now they are getting (interest rate) resets and can’t afford the new price,’ said Daniel Blake, the center’s director.’

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