For years, the advice to many on the East Coast was to head west to seek their fame and fortune, not to mention real estate deals and good housing.
But, according to an article in the Napa Valley Register, the foreclosure rate in California has hit a four year high.
Lending institutions sent out almost 27 thousand default notices to homeowners for the three month period ending this September, according to the data quoted in the article.
Says one senior loan consultant in the piece : “I think the foreclosures that will happen will be those people who took out 100 percent financing loans over the last two years.”
The Napa Valley paper couldn’t resist,however, pointing out that in Napa Valley, there is actually “encouraging news.”
“The market is not tanking in Napa County,” one consultant told the paper.
Related posts:
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- Pro-Home Saving Homeowners from Foreclosure
- Risky Business-How Much For Lenders, How Much For Homeowners?
- 2007-A Year Of Declining CA Housing Prices?
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
