Southern California Inland Empire Foreclosures Rise Last Month
The twocounty Inland region once again led Southern California in the rate of foreclosurerelated filings including notices of defaults trustee sales and lender repossessions. In Riverside County 7.9 percent of homes faced foreclosure and in San Bernardino 6 percent of homes entered the foreclosure process. Riverside County’s foreclosurerelated filings last month totaled 7960 an increase of 30 percent from February and 127 percent from March 2007. San Bernardino County had 6182 filings up 25 percent from February and 118 percent from a year earlier.
Foreclosure activity is expected to peak later this year based on subprime mortgage resets said Leslie AppletonYoung chief economist for the California Association of Realtors.
RealtyTrac reported that foreclosure filings on 64711 homes were recorded in California in March the most for any state for the 15th consecutive month. California’s foreclosure activity last month increased nearly 21 percent from February and almost 106 percent from a year earlier.
Los Angeles Foreclosures
Hardest hit cities Los Angeles 2060 Lancaster 869 Palmdale 852 Long Beach 499 and Santa Clarita 264
Orange County Foreclosures
Hardest hit cities Santa Ana 629 Anaheim 413 Garden Grove 211 Orange 150 Fullerton 136
Riverside Foreclosures
Hardest hit cities Riverside 1028 Moreno Valley 945 Corona 742 Murrieta 494 and Perris 478
San Diego Foreclosures
Hardest hit cities San Diego 1620 Chula Vista 582 Escondido 373 Oceanside 370 and El Cajon 260
San Bernardino Foreclosures
Hardest hit cities Fontana 770 San Bernardino 668 Victorville 609 Hesperia 384 and Rialto 341
With all the bad news about Foreclosure the Senate with an overwhelming decision in favor of the 8412 voted to pass the “Foreclosure Prevention Act” Part of this package would give the buyers of foreclosure homes a 7000 credit to help provide relief to struggling banks who have huge inventories of foreclosed properties.
If you are thinking about buying a home that is a bank repo start shopping on the web with mortgage company web sites like countrywide has.
http://countrywideforeclosures.blogspot.com/2008/04/14220reosofferedforsaleon.html
Total REO As of April 17 2008
State Count Total Asking Price Average Asking Price
CA 4293 1218980585 283946
Daniel Doane can be reached at Hardmoney_directyahoo.com
www.HardmoneyDIRECT.com
About the writer:nbsp;nbsp;Professional Experience Teach Mortgage Origination at California State University Fullerton Started as a Loan Officer in 1979 Real Estate License since 1975
Professional Training Over 60 different real estate finance classes and numerous investment seminars.
Education Orange Coast College Real Estate CSULB Finance and Marketing
Personal Two kids
Military United States Navy Vietnam Veteran
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