Categorized | Residential

Foreclosures Rise Once Again in California

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Much to the dismay of real estate brokers, and those vested in the housing market, the number of foreclosures in California significantly increased once again in the state of California. Over the past month, foreclosures in California jumped nearly fifty-five percent, with some counties rising as high as sixty-eight percent.

The new glut of foreclosures has led to further decreases in the average sale price on homes, which is down over three percent from the previous year. Real Estate experts are very concerned about the overall state of the housing market, particularly in the state of California. Although the number of home sales increased in the state, the surge in foreclosures does not bode well for the future of its housing market.

Bank of America has essentially been the leader when it comes to the number of foreclosed properties. However, other big banks are not exactly far behind. For many homeowners, there is no other option but foreclosure. With unemployment rates still high, many families have spent their life savings in an effort to save their home. Unfortunately, the current state of the economy has not improved. With no money, many of these families have been left with no other option but to file for foreclosure.

While foreclosure default notices as a whole increased only slightly across the country, new foreclosure notices jumped nearly thirty-three percent. They are now at their highest level in nine months. Although there are current investigations against many of the banks due to their role in causing the housing boom, there is little help that seems to be on the way for homeowners struggling with foreclosure.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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