The foreclosures in Yuba County California have risen from 2 in the first three months of 2006 to 42 in the first three months of 2007. This is 21 times the amount of forclosures year over year for the quarter. This is do in part for all of the creative financing that was done at the peak of the housing market, which was the last half of 2005. Sense then the interest rates have reset to reflect the interest rate of the loan to the market rate. When this happened borrower's got stunned by the numbers. This do in part to the client's not reading the contract and the want for a home they really could not afford but wanted. That left the banks with the problem of either find a way to finance the loan or one of the other lenders would. It is unfortunate for not only the borrower's but the banks as well, because they could not sell the loans to underwriters.
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Anonymous
Hello, My name is Renee Kaplan and my website is http://www.reneekaplan.com. Home foreclosures shot up 19.25 percent in May nationwide, however Oklahoma lunged in the opposite direction, with a 14.5 percent drop. In the two numbers is a result of the housing slump in other areas of the country and Tulsa's relative stability.
Jul 03, 2007 05:19 AM
#1
Hinesley Realty - Arboga, CA
Thank you for your comment Renee. In Yuba and Sutter Counties the forclosure rate has more than tripled over the last year. Home prices have been correcting with down word pressure. The real estate market is still up in our area in comparision to the rest of the state of California.
Jul 05, 2007 09:51 AM
Rainer
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96,591
Joseph Hinesley,Sr.
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News about the area that has made headlines recently.Yuba County is the fastest growing county in the state of California, the 16th fastest in the United States.
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