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SAN FRANCISCO FORECLOSURES
Bay Area and Central Valley home foreclosures are at their all time highest rates. Learn why and how Apartment Moving and Relocation can help you navigate the process. for Sale Home Values
In any major newspaper or news report, on any given day, the news is the same: people are losing their homes to foreclosure at rates not seen since the Great Depression. And California’s interior metropolitan areas are leading the nation in foreclosures. As of October 2007, the top three California communities with the highest rates of foreclosure were Modesto, Stockton and Riverside. Stockton recorded one foreclosure filing for every 27 households during the six months ended June 30, 2007, a 256 percent increase compared with the first six months of 2006.
Two main factors have contributed to this crisis: home prices and trends in lending.
Some communities, like Stockton, experienced a population increase as home buyers were drawn to the area away from the pricey San Francisco area housing market. Home prices nearly doubled from 2000-2005 yet have gone downhill since. With home prices that have stagnated or fallen, struggling homeowners cannot refinance because they owe more than their houses are worth.
But the majority of foreclosures in California’s Central Valley and Bay Area are the result of lending practices. Sub-prime, hybrid adjustable-rate mortgages (ARMs) and interest-only loans became widespread allowing home buyers to purchase properties that they couldn’t afford. After an introductory period with low interest rates, these loans reset at sharply higher rates causing monthly mortgage payments to increase by hundreds of dollars.
If foreclosure is affecting you, use ApartmentStores Moving and Relocation to find resources to help you through the process.
At the pre-foreclosure stage, there are solutions to stop the foreclosure process.
A foreclosure is the worse thing that can happen to your credit rating. Learn about the credit consequences if you allow a foreclosure to take place.
Consider speaking with your lender about a short-sale to alleviate your burden.
Find lenders who may be able to help you with refinancing or other mortgage options.
Are you an investor looking to purchase in the Bay Area or Central Valley? Find foreclosed homes with ApartmentStores Moving and Relocation.
Use ApartmentStores Moving and Relocation for all your Bay Area moving needs.
