Note: Graph is for Orange County only. From Matt Padilla at the O.C. Register: Foreclosure wave gathers momentum “To say there is a second wave implies the (current) wave has receded,” [Sam Khater, senior economist, First American CoreLogic] “I don’t see that the wave has receded.” Click on graph for larger image in new window. This graph is from Matt based on data from American CoreLogic. Khater said … federal and state efforts have mostly delayed foreclosures, preventing few. … So to tune out the noise, just look at the 90-day rate. In Khater’s view it shows “one giant wave.” UPDATE: Matt provided me with the definitions: 90 day delinquency rate: “everything 3 months late or more. Likely includes most all Foreclosures in Process

Read more here – Foreclosures: One Giant Wave, Still Building