Tuesday, August 07, 2007

Our friends to the north are not faring much better


(photo Steve R. Fujimoto/Times-Delta)

The Times Delta. “In Tulare County, foreclosures are on the rise, dramatically, as homeowners who had mortgages with initially low payments are unable to meet the higher payments that kicked in after a few years. Notices of default, precursor to foreclosure, are running almost three times the rate of two years ago.”


“As homes are turned back to lenders and residents move out, many Visalia neighborhoods have been left with empty homes that no one cares about.”


“At 2008 E. La Vida Ave., there is an abandoned home in the South Pointe neighborhood, where most homes are less than 5 years old.”


“Neighbor Dena Brown wouldn’t mind buying the house next door. ‘It has just sat there empty for months,’ Brown said. If Brown doesn’t purchase it, she wishes someone else would because the dry grass is a safety hazard.”


“‘We stayed home on July Fourth because we weren’t sure if something would catch fire,’ Brown said.”

7 comments:

Rob Dawg said...

Gooooleeee! Is that there one them there high falutin' Mareceedez Bends MakLaren ecks-otik sports type cars in the driveway?

Raynor said...

Thet mustang won't buck...much.

Symptoms of "David's Disease" (Crisp&Colitus) are ever damn whar!

I reckon when you dance as much as David did, at some point you gots to pay thet damn fiddler........

Trent said...

I work for CurrentForeclosures.com, a foreclosures site and have seen a huge increase in the number of foreclosures in the past 7 months. I believe it is a combination of not only sub-prime and ARM mortgages, but also the high number of people who have gotten loans with interest rates at an all time low... in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes.

Ichabod said...

Crisp sold in Visalia too??!?!?!?!

Raynor said...

Trent: Why would the low int rate loans mean more REO's?

I can see ARM's, sub-primes' int-onlies, balloons, etc. causing them but why just really low int rates unless they are adjustables or something?

WaitingToBuy said...

Trent is what we on the internet call a "troll"

xs10shell said...

Why doesn't Ms. Brown (& everyone else in her position) haul out her hoses and water the yard next door. It just might help the house to sell and keep her own property value up a bit.