With the wildfires under control, and the $250,000 rewards posted for the arsonists, we can calm down and look at another problem that is 10 times worse. The housing bubble has burst. There may be 200,000 homes foreclosed on this year in California. What about next year,300,000 in California alone?
There were some 1,500 homes destroyed in the SoCal fires, virtually all had fire insurance, plus, the land is not destroyed. But with a foreclosure, it’s all gone, and the one who loses his home, still owes the property taxes.
Wanna buy some prime California real estate?
Home mortgage lenders signed the papers for more than 70,000 foreclosure proceedings in California in the third quarter, marking a record for the state, where many housing markets are slumping due to over priced speculation gone bad and mortgage market turmoil, according to a report released on Friday.
Mortgage lenders filed 72,571 notices of default against delinquent borrowers from July through September, up 34.5 percent from the prior quarter and 166.6 percent from a year earlier, according to the report by DataQuick Information Systems, a La Jolla, California-based real estate information service.