California Home Foreclosure Filings fall 32%
California home foreclosures – In a report issued today by California-based research group RealtyTrac it was reported that California home foreclosure filings fell 32 percent on a monthly basis but were up 36 percent from a year ago. California remained the third hardest-hit state in the collapsed real estate sector, after Nevada and Florida.
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James Saccacio, RealtyTrac chief executive, said: "Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures."
Some prior posts on home foreclosures:
San Diego Real Esate Sales Increase
San Diego Condominium Sales Price Appreciation
#1 Key To Purchasing Real Estate in the San Diego Market
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
1.2 Million Homes in Foreclosure
Survey Says Home Values Must Fall Another 14%
A Record Number of Homeowners Avoid Foreclosure in the Second Quarter
Jumbo Financing and the Impact on The San Diego Real Estate Market
Home Builders Pushed 100% Loans to Move Properties
San Diego County Foreclosures up 125% from 2007
CALIFORNIA HOME FORECLOSURE SALES JUMP 22.5%
Credit Impact of Real Estate Short Sales & Deeds In Lieu
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OK People, for those too dopey to attend Freshman Economics: Since 2001, the Federal Government has created a deficit of $3 Trillion. We’ve devalued the dollar and borrowed money from China; thus creating an inflationary, recessionary economy. While interest rates were artificially low, people borrowed mortgage money at the going rate. Mr. Berneke and his buddies created this situation and now they need to fix it. $25 Billion is only 2.5 months of budget for the Iraq war. Small potatoes..
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The only way to pay that off is massive inflation– 10-15% every year for 6-8 years. Worst part is the next President will take the fall for Greed the scope of which the world has never seen. So hold on to that house if you can, in a few years it will be worth three times its present value and that mortgage you can’t afford will represent a year’s salary.
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Americans’ Debt Load Threatens the Entire Financial System. Years of spending more than they earn have left a record number of Americans standing at the financial precipice. They have amassed a mountain of debt that grows ever bigger because of high interest rates and fees.
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CA was the perfect state for the subprime mortgage mkt. When you have statistics that show less than 20% of the state can afford to buy a home and yet people were buying houses like nobody’s business there had to be some fancy math going on. They were reporting in 2006 that 80% of new mortgages were non-traditional variable rate/interest only loans because the only way to get people into these overpriced homes was to get creative. Never in our history had home prices skyrocketed like they had in the past 10 years and everyone wanted in on the gravy train, from the person selling his home, the realtor handling it, the banks wanted the bigger mortgages, to the people that thought they deserved an expensive home, to the banks allowing equity to soar so people could turn their homes into ATMs and the banks would get years of interest.
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Owning a home is not the be all and end all. In fact, for a fair number of people renting is a much better choice. A house can be an albatross that is hard to dispose of. It certainly limits your mobility. The government is making a mistake trying to maximize home ownership with it’s easy money policies.
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Future inflation will not manifest itself in the ways it did in the past. There will not be wage inflation due to a global labor market. The new inflation will result in higher prices for goods and services, but this won’t be offset by higher wages. So you will see an erosion of your standard of living. Housing prices won’t appreciate at the inflation rate because people won’t be able to afford higher prices for housing due to the fact that their incomes aren’t increasing at the same rate. Employers don’t need to increase wages because lower cost labor is available abroad. This is unlike the situation in the 1970s when there was both wage and price inflation. Now we will get only price inflation.
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