Monday, October 30, 2006

California foreclosures surge 171 percent in Q3

From the Central Valley Business Times:

More than 37,000 homes went into the foreclosure process in California in the third quarter, a 171 percent increase over the same period in 2005, according to RealtyTrac, an Irvine-based foreclosure information company.

"Higher interest rates and a general softening of the real estate market are the two key factors contributing to the 43 percent increase in foreclosure filings from the third quarter of 2005," says James Saccacio, chief executive officer of RealtyTrac. "What our third quarter research appears to be showing is that the first wave of adjustable rate mortgages is having a negative impact on the number of homes going into foreclosure. With the volume of these loans -- more than $1 trillion of them due to adjust over the next 15 months -- this is a trend that definitely bears watching


http://www.centralvalleybusinesstimes.com/stories/001/?ID=3412

6 comments:

smoggiebakersfield said...

Attn: House flippers/speculators, enjoy your new homes. Ramon noodles are the way to go! Q3 07'= bye..bye for good, forclosed and bank owned.

smoggiebakersfield said...

Source: CNN Money, WE MADE THE LIST!
"California's Central Valley
Bakersfield, Fresno, Merced, Sacramento Stockton

Five of the cities on the Bottom 10 list are from this region, making the long rural stretch of Highway 99 between Sacramento and Bakersfield look like a treacherous real estate ditch. Home prices shot up here by as much as 60 percent during the past two years as big homebuilders, squeezed out of the Bay Area and Los Angeles by lack of space, arrived in search of raw land at bargain prices.

Problem is, the Central Valley's base industry (agriculture) creates the lowest-paying jobs, and chronically high unemployment rates persist throughout the region. "A market where housing has increased by so much so fast when unemployment is that high is unsustainable," says Frank Owens, who sits on the board of Fresno's builders association. "This market is going south."

Anonymous said...

Ramon taste so good in different ways,

Ramon on toast
Ramon mixed with eggs without the eggs
Baked Ramon
Ramon with mustard
Ramon without that little packet of brown dirt it comes with

We should write a cook book for FB's and flippers on how to save money for your mortgage payment by eating Ramon. Yum Yum.

Me I am just going to get a nice roastbeef sandwich today for lunch.

smoggiebakersfield said...

Anonymous....LOL..LOL

And after their tasty Ramon feast, they can wash down their meal with some of that expensive Imported Natrual-Light Brew.

smoggiebakersfield said...

I took my 3yr old out trick or treating last night. I decided the area in which I live might be ok.

Well we head out, I drove around for a while all the houses were blacked out, no lights on? Keep in mind it's 7:00 PM

Humm, tried a different section same general area, I then saw a few lights on and decided to stop and knock on some doors where the lights were on.

It took maybe 15 minutes to hit all the houses up with lights. There were cars in the driveways of these houses. Many houses had Notes on the Doors no Candy!

I live and lease in one of the newest parts of Rosedale, what gives? Not enought $$ for a couple bags of Candy for the kids, those I/Os must be kicking in. The pain in in progress.

Oh' there were quite a few brand new houses that were completely vacant..poor flippers...NOT!

All turned out well, headed to the Church off Olive, plenty of Candy, Food and games for the kids.

Anonymous said...

Too funny I have got to go down to Bako soon. I need to drive around and see all this development for myself that is supported by the Bako economy. Bako hey day for me was the early to mid eighties when oil companies seemed to pour into the area. Then came that operative word centralization and they headed back to Texas.