California Home Foreclosures Zoom Up 350%
California reported foreclosure activity increasing by 30% from the previous month and more than 350% from May 2006, which boosted the state's foreclosure rate to the third highest in the country.
The cities with the nation's top three metropolitan foreclosure rates were all located in California, and three other California cities also documented foreclosure rates among
the top 10.[tags]California foreclosures, home foreclosures, California real estate, CA real estate, real estate bubble, housing bubble[/tags] San Diego for sale by owner
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It’s a shame so many people are losing their homes. I don’t care to point the finger since their are so many that should hold the blame. I am more concerned with the after effects. How many homeless families will happen due to this? How many migrant families will occur? Why do you think they lost their homes? Most of these people were on the edge, probably already lost the job that got them the home, and the interest rates were the finally straw. It’s a shame really, because the economy coupled with the Federal Reserve caused this along with the inability for people to see bad times and predatory lending practices. Where will these people move to? The whole reason the housing boom happened was due to astronomical rent rates. Section 8 has been banished and low income housing is mostly full. Will we have families walking the streets? San Diego downtown condos
“Predatory lending” pretty much sums it up, aceshelman.Even people who can do math get suckered in by these tributes to American entrepreneurship.That’s what making a buck to the exception of all else, including ethics is all about in the US, today. Houston divorce attorneys
The people are taking a hit big time. but the banks and lending companies are still going to come up with profits even if they have to have the feds bail them out.When did capitalism itself replace the heart of our democracy?When did creating victims become the foundation of doing business in America? Las Vegas criminal defense lawyers
Fools and their money are always parted.The sooner the bubble burst, the better everything will be for HONEST hard working Americans.If you are in foreclosure, do not go for another quick fix scheme!I know it’s tuff, but you should just walk away with your foreclosure and chalk it up as lesson learned.
It is the personal responsilibity of the home buyer to ensure they can afford what they are buying. If someone’s kids are forced out of the home, then blame the parents for not keeping their family in mind when they foolishly purchased a home they could not afford. If a home is foreclosed because the payments are too high, it is due to their own poor judgement in signing on the bottom line. People shouldn’t buy what they can’t afford and then blame the financial people who offered them the deal.Huge home loans and credit card debt are something each person choses. I don’t feel sorry for them when it is time to pay for the lifestyles they choose. San Diego laser eye surgery
What can people expect when a bunch of greedy investors grant high risk loans with terms that people can’t meet if any aspect of their financial health changes, I have seen brokers write loans where they base the affordable payment calculations on as much as 50% of gross income and then set the interest rate to a level that places the payment near that amount. Someone with prime credit couldn’t sustain that kind of payment.
American gluttony is largely to blame for these foreclosures. People were buying houses they could otherwise not have afforded because the interest rates were so low. “Look what we can afford honey! A four bedroom/3 bath house with a pool and we only earn $50,000 a year!” I’m only 43 and I remember being told to “always read the fine print”. If someone is not responsible enough or literate enough to either read the fine print, or have someone explain it to them, then they got suckered and its their own fault. They must accept their share of that responsibility. Of course, the lending agencies are the bad guys, and they are the other parties that should be blamed. It was a con game, and with any con game, somebody loses. Along with “achieving the American Dream” there is another saying that goes “there’s a sucker born every minute.” I cannot blame the government, no laws were broken, they were all nice, neat and legally prepared loans. Don’t get me wrong and call me all kinds of nasty names, I do have a heart and I feel badly for these people, but like everything else in life, you just really need to know what you are getting into before you sign the dotted line. San Diego cosmetic dentist
What I hate as a homeowner, who was not playing the flipping game, is the net result of all this gaming and creative financing is that everyone still owning a home is now paying inflated property taxes. My home has nearly increased in value by 50%, which made me really happy last year, but with the real estate market busting apart, I will likley never see that added amount on the check when I get ready to sell, but I guarantee that I will pay a 100% of the taxes while I own my home. More than those who lost their houses are suffering… San Diego employment lawyers
Yes, it IS the lenders job to determine, according to impartial rules, whether someone can borrow a certain amount of money.The problem is that they were doing that based on INTRO rates, NOT adjusted RATES!Secondly, as long as prices were rising, folks who could NOT keep up on payments were able to sell.. this “churn” means the mortgage brokers (who make money on EVERY loan) got even MORE business, and the same for realtors.The Denver market went flat EARLY.. and thus became the leader in Foreclosures.. folks HAD to sell.. but couldn’t because their houses weren’t worth what they owed (plus realtor fees) so bing bang boom, they are foreclosed..Now that other markets have gone flat to down, the problem has spread from Colorado to the rest of you!The real issue is that, if the mortgage broker is NOT the one to gage if someone can handle a loan, then who IS? NOT the average consumer, just isn’t reasonable! Do NOT buy to the limit of your income. Ifyou can’t make the payments for a year or so without a job, keep saving. San Diego bail bond
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