S.O.S. Home Debtors Going Down?
From SFGATE
"A growing number of homeowners in the Bay Area and throughout California fell behind on their mortgage payments in the second quarter."
"In the Bay Area, 2,910 homeowners received default notices from their lenders for the April-to-June quarter, up 37.1 percent from 2,123 notices in the same quarter a year ago, according to DataQuick."
"That increase is the highest since the first quarter of 2001, when there was a 46.5 percent rise."
"The swell was bigger statewide as 20,752 default notices were sent out -- up 67.2 percent from the same quarter in 2005 and the highest increase for any quarter since DataQuick began tracking foreclosures 14 years ago."
"Defaults have risen as home sales slow. The steady decline in price appreciation has left financially struggling homeowners insufficient equity to either sell or refinance their homes to pay off their mortgages."
'"We hear a lot of talk about rising payments on adjustable-rate loans triggering borrower distress," said DataQuick President Marshall Prentice. "While there's no doubt some of that is going on, as far as we can tell the spike in defaults is mainly the result of slowing price appreciation. It makes it harder for people behind on their mortgage to sell their homes and pay off the lender."'
posted by Athena @ 7:12 PM
4 Comments:
if you take a look at today's press democrat,they claim 200 total notices of default in the county...so i pull up realtytrac and see 548.typical,oh and it really isn't a problem because only 7% go all the way through foreclosure,uh-huh,and as long as interest rates don't go up and the economy stays(?) strong no worries about resets.so don't worry,have a vodkatini and a xanax,fire up the plasma tv,and relax.
well they may not go all the way through foreclosure, but they sure hit the real estate market. I watched a series of houses that were on the tax lien list, then on the foreclosure list and low and behold they began having garage sales and now they are of course up for sale... and having "moving sales."
anyone want to take a stab at the % of houses on the real estate market in sonoma in some stage of default?
my guess is 42%
since you are smarter than i am,you may be close,however i think county wide we probably have 4k homes for sale including new stuff and fsbo,which would indicate a smaller number formally in the foreclosure process...however,the lender will try to work with you if you are late,and i'm sure people are paying their mortgages anyway they can including using that visa linked to the heloc.i'm seeing quite a few more boats and suvs with for sale signs,and a lot of garage sales too.
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