Monday, January 08, 2007

Report: California leads nation in foreclosures




From the Central Valley Business Times :

California was one of the hardest-hit states by foreclosures in 2006, leading the nation in the number of foreclosure actions, according to a report Monday by a Fair Oaks company that tracks the industry.

California topped the nation with 157,417 foreclosure filings, up 94.3 percent over 2005’s 81,012 filings, according to Foreclosures.com.

Colorado, with 68,310 foreclosure filings, was up 55.4 percent over 2005’s 43,951, the company says.

Texas had 106,845 foreclosure filings in 2006, up 35.2 percent over 2005’s 79,001.

One out of nearly every 2.2 foreclosures in the United States happened in the Southwestern states, according to Foreclosures.com.

Nationwide, nearly one million (970,948) foreclosure filings were reported for the year, up more than 51 percent from just over 641,000 in 2005, according to ForeclosureS.com’s internally compiled numbers. The company does not reveal its data methodology.

“Home inventories now are dropping and markets are improving,” says Alexis McGee, president of ForeclosureS.com. “That means relief to overextended homeowners who bought homes they couldn’t afford with the help of little money down and low teaser-rate mortgages.”

"Although it’s impossible to know exactly when we hit the bottom on the price correction, I firmly believe that when the market heats up again this spring, we’ll look back at this winter season as our best buying opportunity in six years,” says Ms. McGee.


Mr Magoo, err... Ms McGee, we wil check back with you in a few months to see if your cheerleading paid off.

7 comments:

Anonymous said...

"Although it’s impossible to know exactly when we hit the bottom on the price correction, I firmly believe that when the market heats up again this spring, we’ll look back at this winter season as our best buying opportunity in six years,” says Ms. McGee.

McGee you truly are an idiot. Housing doom will be the end result this spring. Look at the number of foreclosures, look at the inventory, look at the shrinking liquidity, can you even understand that this market is dead.

Anonymous said...

Although it’s impossible to know exactly when we hit the bottom on the price correction:

McGee don't pee on my leg and tell me it is raining, you lying realtwhore.

Anonymous said...

Another member of the REIC calls a bottom - LOL

John M said...

Crispy -

Noticed a pretty optimistic piece in the Bakersfield Californian from late yesterday:

http://tinyurl.com/y4tgw2

Anonymous said...

c'mon econo spinner conway. Look at the median income for bako residents, it equates to nada. I'm still waiting for all those $200K a year jobs to spring up. Till then, quess cotton pickin will be main stay.

"Bakersfield's relatively affordable housing market compared to the rest of the state has prevented a more dramatic market correction, according to Delores Conway, the director of the Casden Forecast at USC's Lusk Center for Real Estate.

"It's slowing like all places are slowing because the speculators are pretty much gone," Conway said. "Bakersfield has been fairly strong, partly because of lower prices and the shift in population into central California.

Anonymous said...

Bakersfield being a backwater means slower to rise, longer to start falling but eventually falling more. It isn't some magic real estate investment formula, it is how it works. BF is just lucky that gas ism't $3/gal.

McGee promises the market will heat up this spring. He's absolutely correct. With the utilities shut off for nonpayment those stucco boxes are gonna heat up like the hotbox in "Cool Hand Luke."

Takin' it off here boss.
Takin' it off here boss.
Takin' it off here boss.
Takin' it off here boss.

Prices not T-Shirts.

Anonymous said...

Just heard also Popular Financial Services is done.

From the Brokers Outpost. Is this true?