It was reported today that for the first quarter of 2008, California had the most properties facing foreclosure at 169,831, an increase of 213% from a year ago. California also had the second-highest foreclosure rate in the country, with one in every 78 households receiving a foreclosure-related notice. This was in a report by Irvine, Calif.-based RealtyTrac Inc. which monitors default notices, auction sale notices and bank repossessions. real estate agents San Diego California
6 thoughts on “California Homes Facing Foreclosure Jump 213%”
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Much is said now about the state of the real estate market, the recent audacity by the fed chair, and how our dollar is being trampled on by the feds. Much is said about the lack of equity in homes and the lack of liquidity from the few available buyers out there. The economy is dead, all these foreclosures are ruining the state.
Ray
San Diego California Laser Eye Surgery
It’s much harder for troubled borrowers to get a loan now. The lending industry has tightened up standards for lending to elimintate the slide of foreclosures due to subprime lending practices targeting those troubled borrowers. The local media has presented the facts in a negative light, but a return to normalcy is about to occur.
Robert
San Diego Plastic Surgery
Measuring the percentage of total mortgages in foreclosure does not tell the whole story. Late payments on credit cards, revolving charge accounts and automobile loans are worrying the Fed also. And the number of mortgages in foreclosure today also does not speak to the number that are expected to follow.
Andrew
San Diego California Medical Research Studies
I am afraid we are in for some major hard times in this country. The housing market is even forcing what were once considered wealthy people to rethink what they are doing becuase there seems to be an abloishment of middle class. Nowadays your ither filthy rich or poor. The government unfortunately has not calculted funds good enough so now we all have to pay triple just for every day necesseties in order to survive!
San Diego clinical research
I hate to say this, because I thnk the thought of this crash is depressing, but I have been predicting this for 10 years. I know, I know… maybe I’m just one of those “a stopped clock is right twice a day” types, but the demographics of this seemed obvious to me, then, and obvious to me now – the baby boom is about to retire. The oldest ones have gotten their kids through college. They don’t need the big house any more (or much more)… so now what? In the meantime, what I didn’t expect, was that their restlessness (and to some extent, the restlessness of my GenX generation) would drive up speculative home buying as well. Now, the intense speculation and the demographics meet up to create a perfect storm. I feel suddenly grateful not own anything. Because before this over, it will be a real awful scene.
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