Real estate research firm DataQuick Information Systems announced last Tuesday that foreclosures for the second quarter in the state of California reached its highest level in 20 years. This was due to the failure of the many homeowners to pay their mortgages, resulted in the foreclosures of more than 63,000 homes.
It was also reported that during the April - June period of this year, foreclosures had more than doubled, compared a year ago, to 121,341 loans with 118,020 houses. This indicates that some were delayed with their payments for more than one loan like home equity line of credit. It has also increased by 6.6 percent higher than the previous quarter.
San Diego home foreclosures also increased dramatically from last quarter and up significantly more from the same quarter last year. This reflects the slowdown of San Diego housing sales and homes being purchased using more than one loan.
A lot of San Diego bank homes are on sale this year but continually lowered prices make it harder for homeowners to fully pay their debts. From September 2005 to November 2006, speculation further lowered down prices, and many of the homeowners financed their homes on more than one loan.
Median age of default home loans increased to 26 months and the median amount default primary home loans went down by $11,583 to $346,400 according to the firm.
Home sales and median home prices were both up in May, indicating the market is beginning to rebound from record numbers of foreclosures. There are still plenty of San Diego foreclosures available, however and Richard Elias explains what the rise in home prices means to foreclosures buyers.
San Diego foreclosures benefit from new transit projects across the county. Richard Elias explains what the $10 million in Smart Growth funds will pay for and what it means for buyers of San Diego bank homes.
San Diego foreclosures are disappearing from the listings, shrinking inventory and creating a seller’s market. Richard Elias offers insight into the current San Diego foreclosures market.
About this Page: The California real estate market has reached an all time high for home foreclosures. The failure of homeowners to pay their mortgages has contributed to more than 63,000 home foreclosures. San Diego home foreclosures make a large percentage of the California real estate crisis.
California Foreclosures Reach All Time High
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