Wednesday, June 14, 2006

Easy to Buy, Hard to Keep

CBS 13 reports on the rising tide of foreclosures in Sacramento & San Joaquin.

The number of California homeowners having difficulty paying their mortgage is going up. New statistics show the specifics: the number of foreclosures is clearly on the rise. In California there are more than 2,500 homes in foreclosure. There are nearly 85,000 pre-foreclosures. Those are homeowners who are on the verge of losing their homes.

In Sacramento there are 165 current foreclosures, more than 4,500 homes are in pre-foreclosure. In San Joaquin County there are 76 foreclosures and more than 2,800 pre-foreclosures.
Don't forget to watch the video clip on the upper right side.

You can find weekly updates on Sacramento County foreclosures at the Sacramento Housing Bubble blog.

4 comments:

Happy Renter said...

The 4,500 homeowners in pre-foreclosure are probably financed for 100% and won't be able to sell. These will quickly change to forclosures, if not bankruptcys..

Gwynster said...

I'm thrilled to see this hitting the local airwaves.

Anonymous said...

What does pre-foreclosure mean?

B. Durbin said...

They've started missing quarterly tax payments. Many homes in pre-foreclosure do not actually go into foreclosure, but it's not a good idea to let those tax payments slip.