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.

2 comments:

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.