by Calculated Risk on 8/13/2008 02:12:00 PM

It seems like just yesterday we passed the 1,000 per day mark, but that was way back in April.

From Peter Viles at the LA Times: Estimate: 1,300 foreclosures every business day in California

Banks and lenders have now foreclosed on $100 billion worth of California homes over the past two years, and are foreclosing at the rate of 1,300 houses every business day, according to a new report from ForeclosureRadar.com.

The report, covering foreclosure activity in California in July, notes that new mortgage defaults are declining, but foreclosures are continuing to rise sharply. "It is clear that far fewer homeowners are finding a way out of foreclosure," the company reports.

The pace of foreclosures in California -- 1,300 every business day -- has more than tripled from the year-ago rate of 415 per day, ForeclosureRadar estimates.

Note that the decline in defaults is related to changes at Countrywide.