Thursday, May 24, 2007

More local foreclosure news

News from KGET on the "normal" market we are now experiencing. Be sure to watch the video.

From KGET news:

BAKERSFIELD - New numbers on home foreclosures in the metropolitan Bakersfield area, and they’re up—way up.

We checked with the people who publish legal notices and they said there’s been an alarming spike in notices of default and trustee sales.

These numbers are provided to us by Ann Marino, owner of the Daily Report.

There were just over 2,400 notices of default on home mortgages in Bakersfield during the last five-and-a-half months—a nearly 300 percent increase over the same period last year.

There were 1,140 notices of trustees sales from January through May of this year, compared to just 281 during the same period last year.

“I think a lot of borrowers were naive, young kids or old people excited about getting a new home and fell for the fancy financing,” Marino said. “We call it creative financing ... and then some were just gambling that their homes would be worth more but that just hasn't happened since the bottom fell out.”

Apparently no one is immune to the vagaries of the housing market it seems.

17 News has learned that the real estate mogul David Crisp and his wife are among the thousands of home owners and investors in trouble.

According to the Daily Report, Jennifer Crisp is in default on four homes she holds title to, worth about $2.5 million, including a Seven Oaks-area home.

Jennifer Crisp purchased that home last September for $1.2 million.

It sold just two years earlier for $630,000.

David Crisp, owner of Crisp Real Estate, is in default on two homes as well, with a combined value of more than $1.5 million.


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xs10shell said...

This is from the Yahoo Foreclosures page:

Top 10 Foreclosure Cities

* 1. Detroit, Michigan
* 6. Atlanta, Georgia
* 2. Las Vegas, Nevada
* 7. Denver, Colorado
* 3. Riverside, California
* 8. Bakersfield, California
* 4. Sacramento, California
* 9. Fort Worth, Texas
* 5. Stockton, California
* 10. Dallas, Florida

Stivel Velasquez said...

The Office of Thrift Supervision is preparing a plan to help mortgage borrowers who owe more than their homes are worth and to discourage them from abandoning those properties, agency officials said yesterday. Under the regulatory agency's proposal, still in its early stages, these borrowers would refinance into government-insured loans that cover the current value of their homes. march madness The refinancing would pay part of what's owed to the original lender. For the remainder, the lender would get what the plan's backers call a "negative equity certificate." The lender could redeem the certificate if the home is eventually sold at a higher price.