foreclosure rates in California

by THE WAV GROUP on December 19, 2007

Inman ran a story today about foreclosures across the United States.  California led the nation with 39,992 filings acording to data collected by Realtytrac.

California is home to 12% of the U.S. Population with 37,700,000 people.  Only 1 in 325 homes went into foreclosure.  Considering the median priced home at $497,110, 1 in 325 homes is very reasonable.  Home ownership is well beond the reach of most people living in the state, so foreclosures can, and will happen – and should happen in a healthy, well balanced economy.

I think the media has blown things a bit out of control on this issue and caused everyone to panic.

Further note:

Our local news reporter that 4th quarter foreclosure rates for San Luis Obispo County have risen 144%.  Oh My!  The sky is falling Martha.

The rate of foreclosure 291 out of 93,000 (2000 census) or 1.25%

California historical average is 2.9% (California Association of Realtors).

Our local news should have reported that San Luis Obispo County foreclosure rate is half of the normal California foreclosure rate!  Great news for Home Owners!

 

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