Real Estate Foreclosures
real estate foreclosures
Real estate foreclosures — According a report by RealtyTrac, one out of every 9 homes in Las Vegas received some kind of default notice in 2010. But there is some good news: The foreclosure rate is actually dropping in Vegas, down 7% compared to the end of 2009. In fact, rates fell in all top 10 foreclosure markets of 2010.
In No. 2 Cape Coral, Fla., for example, filings dropped 28%. In third place Modesto, Calif., they fell 13%; and forth place Phoenix dipped 7%. But even as foreclosures fell in the worst-hit areas, they rose in 72% of the 206 metro areas covered by RealtyTrac’s report. Why … people out of work can’t make their mortgage payments. As a result, there is now a number of metro areas that didn’t enjoy the housing boom but are now enduring double-digit home foreclosures.
California home foreclosures
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Has CA had any legislation to curtail foreclosures? Here in Hawaii Act 48 was recently passed, which in essence will prolong foreclosures as homeowners can request to ‘meet’ their lenders in court in order to negotiate. More government intervention = a market that is incapable of recovering.
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Ed Note: Yes, Ca has more than doubled the time it takes to foreclose … In my opinion, this just makes it worse. Now, many are living PAYMENT (Mtg, insurance, HOA, tax & home maintenance) FREE for 18+ months! Yes, this is California, land of dreams!
Births per couple in the US are below the sustaining rate of 2.1. The only reason population is increasing is because people are living longer and because of the influx of illegal aliens who don’t buy big or new houses. Eventually, if the manufacturing base in the US continues to decline (which seems likely, given US and banker policy) the illegals will leave for lack of jobs.
Young people are living in their parents house longer because they don’t have money.
So, DO NOT expect any real up-tick in housing any time soon!