Real Estate Woes – Homes Nearing foreclosure More Than Double in 1st. Quarter
Irvine, Calif.-based RealtyTrac Inc. which monitors default notices, auction sale notices and bank repossessions reported today that nationwide the number of homes moving toward foreclosure more than doubled in the first quarter from a year ago.
The report showed a total of 649,917 homes received at least one foreclosure-related filing in the first three months of the year, up 112%! Also, 157,000 properties were repossessed by lenders nationwide during the first quarter. San Diego California real estate advice
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What shocking news! NOT. Seriously people we’ve been anticipating this for years. So the nationwide the number of homes moving toward foreclosure more than doubled in the first quarter from a year ago. It’s only helping us hit rock bottoms so we can start moving back up!!
karen
Adult Acne Medications
How sad for the people having their homes foreclosed. I just wish this bubble would pop so the economy and lives of californians can get back to normal!
Shawn
San Diego California Brokers
Homes take 18 months on average to work through the foreclosure process.. Imagine what foreclosures will look like 18 months from now!
Rebecca
San Diego California Dentist
It’s sad, really sad, because the people that are losing these homes have names and faces. They could be your brother, your sister, your parents. Most of the time, we tend to think that the foreclosures are mainly real estate investors or flippers that are just letting their investment properties go back to the bank, but the reality is there are alot of families living without homes.
Eric
California Attorneys
In addition to the inflated housing prices many people have taken out loans against those inflated assets–so now they’re really stuck if the value falls below what they paid for it. I think this boom was enhanced by the fed’s unwillingness to let the country fall into a deeper recession after the 2000 stock market crash by lowering interest rates to essentially zero.
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