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.