Home Foreclosure Rates Drop In California
California home foreclosures
RealtyTrac said today that California foreclosures declined on a monthly and yearly basis in the hard-hit states of Nevada, Arizona and California, but still grew rapidly in Florida.
Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.
The area with the highest foreclosure rate in February was Las Vegas. Though one in every 90 homes there received a foreclosure filing, foreclosures were down 9 percent from a month earlier. Foreclosures in the No. 2 metropolitan area, the Cape Coral-Fort Myers area in Florida, were up 31 percent from a month earlier.
Other foreclosure hot spots were the California metro areas of Modesto, Riverside-San Bernardino-Ontario and Stockton.
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Didn’t we learn last year not to let those who can afford a house not get one so that they don’t go crying to mama when they can’t pay?
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