Foreclosures. From http://www.realestate-homes-sandiego-steveroque.com
In January 15th 2010, I posted about the foreclosures in a mobile homes park in Huntington Beach. I was so astonished to see one house next to the other for sale.
This is so bad to see that more than one month have passed since then, and the expectations are even worst. Los Angeles Times, editorial, has published in February 23 the bad news that analysts have provided. From 2.8 million declared foreclosures last years, this year the projection is 4.5 million. If so, that would be nearly one out of every 20 homes. Analysts also estimate that there is a " shadow inventory" of 1.7 million to 7 million homes in foreclosure that lenders haven't yet put up for sale.
" The extremely high foreclosure rate is a problem not just for the individuals at risk of losing their homes, but also for their communities, the housing industry and the economy in general. And the problems are mounting despite the signs that fewer homeowners are falling behind on their payments, home prices may be hitting bottom and more troubled borrowers are benefiting from federal aid programs.
As of January, nearly 1 million homeowners were receiving at least temporary help through the federal Home Affordable Modification Program. But lenders are still moving too cautiously, hampered by financial complexities (such as mortgages that have been bundled and sold to investors), insufficient staff to handle the volume of modifications, uncooperative borrowers and loan servicing companies that profit from delinquent loans. "
If you are strong enough to keep on reading, and want to learn more about California, click on the link below, unless you do not want to ruin your weekend.