The Real Estate Sky Is Falling!

The Real Estate Sky Is Falling!
July 24, 2007
Inman News reports today, Tuesday July 24, 2007 that California mortgage defaults hit 10-year high and that more borrowers expected to lose homes in second half of year. “Roughly half, 54.6 percent, of the homeowners in default emerge from the foreclosure process by bringing their payments current, refinancing, or selling the home and paying off what they owe. A year ago it was 88 percent. The increased portion of homes lost to foreclosure reflects the slow real estate market, as well as the number of homes bought during the height of the market with multiple-loan financing” reads the report.
Similarly, the LA Times reports that “foreclosures in the state during the second quarter totaled 17,408, up 799% from the same period last year. The current rate handily eclipsed the previous foreclosure peak set in 1996, when the state was in the final throes of six-year slump” The article quote Ester Cadavid of Los Angeles Neighborhood Housing Services as saying: "In the beginning, we were thinking the foreclosures were going to be limited to low-income, high-minority neighborhoods targeted by predatory lenders. Now we are seeing a shift to the middle class. They're in trouble too."












Advertisement






Select Blogzz & click icon
function jumpMenu(){
location=document.jump.menu.options[document.jump.menu.selectedIndex].value;
}
BlogSpot FeedBurner CotoBlogzz BraveNet Y!360
Archived Issues
General Information
HOA Resources
Emergency numbers
Public Safety Resources
Crime Watch
Sex Offenders in the Area
Real Time Traffic Report
LA Times Orange County
Subscribe
- What is RSS?
Area Links
ORANGE COUNTY BLOGS:

R
To subscribe/unsubscribe to the CotoBuzz Journal or send Letters to the Editor : click here or send email to:
The CotoBuzz Journal P.O. Box 154 Trabuco Canyon, CA 92678 (509) 355-8895

Privacy Policy Need Help? Contact Us Administrator: cotobuzz@yahoo.com