The news has been full of reporting on foreclosures and I’ve mentioned it several times here. Currently the number one city for foreclosures in the country is Stockton, CA, followed by Coral Gables, FL, Merced, CA, Modesto, CA and Riverside, CA, Las Vegas, Vallejo-Fairfield, CA, Bakersfield, CA, Sacramento and Port Lucie, FL is #10. In the top ten there is only one city that isn’t in California or Florida and that’s Las Vegas, NV. I hope you saw that one coming. It was obvious, no infrastructure for the massive amount of housing they were building down there. Prices off the hook for living in a sand box, that one’s a no brainer. The troubles are pretty localized. Check out this graphic from The Mortgage Report
California is getting whacked. If you have a good mortgage and can make the payment, stay pat. If yours is adjusting call a reputable mortgage broker or bank for help getting your loan re-written. At some point these lenders are going to realize that re-writing loans is more beneficial than taking beating after beating on property that they over lent on. Get the payments in line and cut your losses. This is just like the 80’s when people were signing deeds and mailing them to the bank with their keys. Don’t get caught flat footed. Be proactive in protecting your family’s home.
1 response so far ↓
1 dolphyngyrl // Jun 26, 2008 at 6:03 am
I love my fixed rate mortgage, but it makes me nervous that my mortgage company keeps turning up in the news.
Stockton and Sacramento… no doubt. I think both are a PSA about what happens when greedy cities let greedy developers get out of control with the building and the expanding. Flood zones be damned.
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