Mortgage defaults reach levels of Clinton years

Econopundit notes that in California:

Mortgage lenders filed 46,760 notices of default from January through March, marking an increase of 23.1 percent from the previous quarter and 148 percent from the year-earlier period, according to a report by DataQuick Information Systems, a real estate information service.

The first quarter's default level was the highest for the most populous U.S. state since the second quarter of 1997.

Things are as bad as during the Clinton years.