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California Leads Nation in Foreclosure Activity for First Time Since 05
loansafe.org ^ | 12 July 2012 | Evan Bedard

Posted on 07/12/2012 8:09:41 PM PDT by smokingfrog

(Source: By Debra Gruszecki, The Press-Enterprise, Riverside, Calif.) – Foreclosures in the first half of the year eased up by 2 percent from the previous six months, and overall activity for property in distress in June was down on a year-over-year basis for the 21st consecutive month across the U.S.

Yet, California foreclosure starts for June rose 18 percent from a year ago to boost the Golden State to the top berth in the U.S., according to a report released today, July 12, by RealtyTrac.

It was the first time California’s foreclosure rate ranked No. 1 since January 2005 when RealtyTrac, the online marketer of foreclosure properties, began issuing its report.

One housing unit in every 177 in San Bernardino and Riverside counties was in a phase of foreclosure in June, RealtyTrac reported. That has kept the two-county Inland area in the No. 3 spot for foreclosure activity across all metropolitan areas.

The top two regions were Stockton and Modesto.

(Excerpt) Read more at loansafe.org ...


TOPICS: Business/Economy; News/Current Events; US: California
KEYWORDS: realestate

1 posted on 07/12/2012 8:09:49 PM PDT by smokingfrog
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To: smokingfrog

Moonbeam magic?


2 posted on 07/12/2012 8:27:16 PM PDT by Trod Upon (Obama: Making the Carter malaise look good. Misery Index in 3...2...1)
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To: smokingfrog

Hey Kalifornja. Just how is that Hopey - Changey thingy workin’ out for ya?


3 posted on 07/12/2012 8:53:08 PM PDT by mazda77 ("Defeating the Totalitarian Lie" By: Hilmar von Campe. Everybody should read it.)
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To: mazda77

How’s it working for you?


4 posted on 07/12/2012 9:01:35 PM PDT by running_dog_lackey
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To: smokingfrog

Is it any wonder.
Start procedings to IMPEACH JERRY BROWN!

California is America’s Most-Hated State, According to Public Policy Polling - Los Angeles News - The Informer

Address:http://blogs.laweekly.com/informer/2012/02/california_hate_americans_poll.php Changed:10:15 AM on Friday, April 13, 2012


5 posted on 07/12/2012 10:23:43 PM PDT by hapnHal (hapnHal)
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To: Trod Upon

Nope. Gov. Moonbeam is a utopian socialist moron, but no this isn’t his fault.

Arnold had foreclosure moratoriums and I think those are now all expired, so the backlog of foreclosures are now being serviced. I had a foreclosure across the street from me. It sold 2 months ago and the new owners have pulled out the stops to beautify it.

If you hold the numbers down artificially, then when you release the hold, you are going to see an increase above the mean.

It looks like we still have several years of foreclosures and so we won’t see a real housing recovery until then.


6 posted on 07/13/2012 1:40:18 PM PDT by Freedom_Is_Not_Free (REPEAL OBAMACARE. Nothing else matters.)
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To: Freedom_Is_Not_Free

Interesting. I’ve been wondering if there will be a second wave of foreclosures as speculators buying “great deals” sink a ton of mony into properties only to find they were fairly valued at the foreclosure price. I’ve seen several in my area sell and get all prettied up, sit for months, then go to “for rent,” and then back to weeds in the yard and obvious signs of distress.


7 posted on 07/13/2012 10:00:00 PM PDT by Trod Upon (Obama: Making the Carter malaise look good. Misery Index in 3...2...1)
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To: Trod Upon

We’ll see. In the case of my new neighbors, they are owner-occupied, not landlords.

The thing about housing is it always goes up with the rate of inflation over the long term, so wherever you are in the market at the time, it has to adjust eventually to conform to the long-term rate of inflation.

It always overshoots before it reverts to the mean, high or low, but revert to the mean, it must! It is just a question of time.

People always need houses and real estate is local. A glut of crap boxes in Las Vegas doesn’t mean that the inventory in your neighborhood is high. All of this is location specific. That is also why anecdotal evidence is worthless. I may be in foreclosure Central, while people can’t buy homes in your area fast enough.

My mother sold her deceased mother’s house in San Francisco in 6 days, at $50,000 over asking price with 8 offers. Everything is location and timing.

Now if mortgage interest rates snap back to 9%, then all bets are off until prices re-adjust to the new cost of credit.


8 posted on 07/13/2012 10:10:38 PM PDT by Freedom_Is_Not_Free (REPEAL OBAMACARE. Nothing else matters.)
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To: mazda77
Coliefornia soon going to have 1,000 bankrupt S&Ls.
9 posted on 07/15/2012 12:48:44 AM PDT by tdscpa
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