Lisa Simpson
Dec 17,2007
In: Foreclosure Homes

Foreclosure Homes in California

To understand why foreclosure homes in California are on the rise it is necessary to do some homework. California State hugs the Pacific shore of US and is the most populous in US. Sacramento is its capital and the four other jumbo cities are Los Angeles, San Diego, San Jose and San Francisco. California is unique for its diversity in climate, geography and culture. It is perhaps the richest state in America and the world. But foreclosure homes in California spread across its 58 counties are strangling the economy.

By the end of October foreclosure homes in California reached a record during the last quarter. This was because of a slump in real estate being started off the sub-prime mortgage crisis. Foreclosure homes in California and the sub-prime mortgage blues go hand in hand. There have been 72,571 foreclosure homes in California from July to September 2007. This means a rise of 34.5%. During the second quarter there had been 53,943 foreclosure homes in California. It calculates to 166.6% jump from 2006, which had, recorded 27.218 foreclosure homes in California during the third quarter of 2006. These are reliable figures about foreclosure homes in California released by reliable online tracking groups.

The last quarter’s figures of foreclosure homes in California crossed the previous high peak number of 61,541 of 1996 first quarter. So far the lowest has been 12,417 during the third quarter, 2004. Since 1992 an average of 34,781 foreclosure homes in California have been listed quarterly.

Now it is being admitted that these loans should not have been permitted. Will the jumbo number of foreclosure homes in California be