The Foreclosure Report

S. Califonia 'Decline Was Bound To Happen

Here's a press release on southern California. "The number of foreclosures spread throughout Southern California, with San Diego leading the way up 8 percent. 'The real estate bubble has not burst in Southern California, but it sure is deflating,' said Serdar Bankaci. 'The decline was bound to happen and so is the continued rise in foreclosures, the market is just adjusting itself right now.'"

"While San Diego had the highest foreclosure rate, Riverside County was a close second up seven percent, followed by San Bernardino up six percent. 'If you are the first to approach the homeowners, these properties can provide an excellent opportunity for real estate deals with a possibility for great returns,' said Bankaci."

"Bankaci pointed out the main reason for the dramatic increase in foreclosures in San Bernardino more than a month ago. According to Bankaci, the home appreciation rates are beginning to decrease and homeowners are no longer able to satisfy their debt by using equity built up in their homes."

"'Many of the homeowners used 'aggressive financing' to buy homes they could not afford,' said Bankaci. 'So, now many of the homes we see going into foreclosure have little equity left in them. I am sure the number of homeowners defaulting on their loans is going to rise as the appreciation rates on homes continue to slow down.'"

posted by Ben Jones @ 8:26 AM