Home Foreclosures up 75%
According to RealtyTrac, for 2007, total foreclosure filings – which include default notices, auction sale notices and bank repossessions – grew 75%. Total foreclosure filings soared 97% in December alone compared with December of 2006. More than 1 percent of all U.S. households were in some stage of foreclosure during 2007.
California had a total of 250,000 foreclosure filings, the highest number of of any state.
From First American Core Logic the Top 10 risky cities … The markets facing the highest risk of foreclosure:
Rank City State Annualized home price appreciation
1 Bakersfield CA -16.9%
2 Stockton CA -18.7%
3 Fresno CA -16.2%
4 Warren MI -7.1%
5 Grand Rapids MI -5.8%
6 Riverside CA -16.8%
7 Sacramento CA -15.1%
8 Detroit MI -0.8
9 McAllen TX 2.6%
10 Youngstown OH -9.6%
The First American Core Logic report stated the risk of foreclosure has jumped 22 percent from January 2007, and 9 percent from three months ago. The report stressed that defaults continued rising for almost 2 years after the end of the last recession in 2001. Based on that history, Core Logic expects that foreclosure risk will continue to increase over the next 18 months.[tags]home foreclosure, foreclosure,real estate market, San Diego real estate, brokerforyou, real estate bubble[/tags] for sale by owner San Diego California
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UCLA predicts that GDP will dip by 0.4% in the second quarter of this year, but then rebound. Anderson expects GDP to be growing at 2.5% by the end of this year.In staking out the contrarian position, UCLA bucked other forecasters in 2001 by correctly predicting that year’s recession.
-Tyler
San Diego California hotels & Tourism
Those discussing the large drop in home prices that need to happen are failing to mention that the nominal price will not fall that far because Bernake is inflating the market; real prices will fall 30%+, however.
Casey
San Diego California Real estate
Just get it over and done with, a recession is required to weed out the crap in the market.
The UK & US both need a hard landing. Bring it on!!
KYLE
San Diego California Real estate
Many, Cali is getting hurt bad. maybe it is time to buy my beach house…I should probibly wait another year.
I’ve live in Bakersfield since the early 1970’s. prices have fallen off by 2/3 of peak in summer of 2005. we are in the $100-$125 a sq ft range no. its getting scary even for home owner who’ve been in their houses 5+ years.
-H