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Another 10,393 Potential Renters

[Foreclosure notice on Flickr]

Not just the monsoon causing all the doom and gloom:

In Los Angeles County, 10,393 default notices were sent in the second quarter of the year, a 126.6 percent jump from the 2006 second-quarter total of 4,586, according to La Jolla-based DataQuick Information Systems. "A lot of the loans that went bad last quarter were made at or just beyond the cycle's peak, between summer '05 and summer '06," said DataQuick President Marshall Prentice. "Appreciation rates for most of that period were in the double digits and lenders let many households stretch their finances to the max..."

· Mortgage Default Notices More Than Double In SoCal [CBS2]