California foreclosures at record level

LOS ANGELES, Oct. 27 (UPI) -- The Census Bureau says homeownership in the United States fell for the fourth consecutive quarter -- the longest decline in 26 years.

Figures released Friday also showed the number of vacant homes in the nation reached a record 17.9 million, the Los Angeles Times reported Saturday.

In California, a record number of foreclosures was reported for a second consecutive quarter, with the trend trickling into affluent communities in Los Angeles and Orange County, the Times said. Foreclosures in California hit a statewide high of 24,209, beating the previous record by 30 percent.

Most of the foreclosures are concentrated in outlying areas such as the Antelope Valley and the Central Valley, where people with modest incomes acquired loans with low starting rates to buy their homes.

The number of foreclosures was expected to rise as large numbers of variable-rate mortgages reset upward next year, leaving homeowners with payments higher than they can afford.