California’s Foreclosure Rate Leads Country

This is the first time apparently, as California's foreclosure rate has "overtaken" Nevada as No.1.

Cali's foreclosures have already increased 18% over 1 year !!!

Over-borrowing along with unemployment and cheap wages for many "new" jobs must be the problem because home "values" have dropped like rocks off a cliff. Interest rates are certainly low enough to allow easier "qualifications".

I guess all the Federal and State "programs" designed to "help" are not good enough (as if they ever were).

Despite federal attempts to inject life into the stagnant housing market, California now leads the nation in foreclosure rate, overtaking Nevada as the frontrunner in the race to real estate bankruptcy. Since June 2011, foreclosures in California are up a full 18 percent.

The media is playing this little fact as proof that the government should do more. The Homeowner Bill of Rights passed by a Democratic legislature and signed into law by Gov. Jerry Brown would have delayed the foreclosure process for thousands of Californians – but also would have kept California’s real estate prices from hitting their true bottom, just as President Obama’s inflationary policies have driven up the price of stocks artificially.

There will be more to come. The Homeowner Bill of Rights merely delays the inevitable; it doesn’t forestall it. And there are far too many California residents who are still trying to survive with mortgages they can’t afford.

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SAN FRANCISCO (KCBS) – California had the highest foreclosure rate in the country in July, a stark reminder that people are still losing their homes in record numbers despite state and federal efforts to end the housing crisis.

For the first time, there were more foreclosures in California than Nevada during a 30-day period, according to the RealtyTrac report for the first six months of 2012. Foreclosures in California have shot up 18 percent since June 2011.

.......... That’s exactly what happened to Pamela Hall of San Leandro, who owes nearly $500,000 on a diamond in the rough she turned into her dream home. Unfortunately now it’s only worth about $200,000.

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When is this going to end ?

Well with any luck we can get another bailout for the banks.................God knows they need it

I hear that their CEOs are living on beans and rice; something needs to be done so that these guys can get a raise. After all these big banker guys are on the side of the average Joe, they are doing everything they can to keep costs down for us.........

I just do not understand why everyone is so against the banks, they do nothing but help the poor, even if it means that the CEOs have to give of themselves........

I so wish they would bailout the banks, it will help the rest of us so much. It will be far better than if they give it out to the people. God knows the people would just hoard the money and keep it from entering the market keeping things stagnant or even worse making things worse.......


All hail the banks and their glory......


Raist