ForeclosureRadar a website that tracks every California foreclosure today issued its California Foreclosure Report for July 2008. Sales at foreclosure auction jumped dramatically in July, increasing by more than $2 Billion incombined loan value to $12.55 Billion. This represents more than 1,300 properties being taken to auction per business day, up from 415 per day one year ago. Notices of Default declined for the third straight month. The total number of properties that are still actively scheduled for auction increased to 64,598 at the end of July, up from 59,973 at the end of June, and 53,793 at the end of May. This indicates that further increases in foreclosuresales are still likely near term, despite the declining number of defaults. San Diego California income propertyForeclosureRadar a website that tracks every California foreclosure today issued its California Foreclosure Report for July 2008. Sales at foreclosure auction jumped dramatically in July, increasing by more than $2 Billion incombined loan value to $12.55 Billion. This represents more than 1,300 properties being taken to auction per business day, up from 415 per day one year ago. Notices of Default declined for the third straight month. The total number of properties that are still actively scheduled for auction increased to 64,598 at the end of July, up from 59,973 at the end of June, and 53,793 at the end of May. This indicates that further increases in foreclosuresales are still likely near term, despite the declining number of defaults. San Diego California income property6 thoughts on “CALIFORNIA HOME FORECLOSURE SALES JUMP 22.5%”
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given the ratio to income to sales price in Calif the foreclosure crisis will be a Calif problem for many years. Until the recent bubble lending 3 times income was a good yardstick but now it ranges from 6 to 10 times income and this has become the norm. A good example would be the city of Santa Rosa BMR problem that has a cap of 50K income for houses costing 304K using the FHA 3% down program. Low income cannot afford a 300K home, only in Calif is this type of thinking keep alive by local and state gov’t. In fact the State yesterday wants to give low income families 100% financing for foreclosure homes in the most impacted parts of the state. These homes require extensive rehab which low income citizens do not have and will again provide a new wave of foreclosures in the coming years. San Diego Real Estate Sales
If you could not afford to buy a house then you should not have. Plain and simple. San Diego Family Dentist
Not all foreclosures are due to bad mortgages. I would imagine a healthy number are from folks being out of work too. High and prolonged unemployment has gotta spike the foreclosures. San Francisco Family Law Attorney
2010-2011. That means more foreclosures in the future. San Diego Lasik Surgery doctor
Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools. San Diego Cosmetic Surgery Doctor
Everyone likes to talk about the foreclosures as if it’s a bad thing when the reality is that it’s an incredibly good thing. All the bad loans inflated the market well beyond what it should have been. As these people default on their bad loans the price of housing corrects, as it should, and maybe the rest of us get to buy. This story is good news and it should be reported as such. Or, would we all be better off if the government steps in and inflates pricing again. San Diego Medical Research Studies