Skip to comments.California Leads Nation in Foreclosure Activity for First Time Since ’05
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 Californias 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 ...
Hey Kalifornja. Just how is that Hopey - Changey thingy workin’ out for ya?
How’s it working for you?
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
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.
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.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.