An alarming trend has emerged based on the new statistics that show California foreclosures increasing rapidly, causing those who keep watch on the property market to sweat! The number of California residents who couldn’t afford their mortgages climbed to an all-time new high since the last 11 years. 258 homeowners filed for foreclosure in the Bay Area alone during the second quarter of 2006, while 2,206 foreclosure properties have been reported so far in the second quarter of 2007. DataQuick maintains that there is a 755% jump in San Francisco foreclosures!
Foreclosures in San Francisco as well in California have skyrocketed. The second quarter of 2008 has been witness to 17,408 foreclosure listings while this time in the previous year only 1,936 foreclosures were reported. The rise has been an incredible 800% within a year!
One of the major culprits for rise in San Francisco foreclosures is the above-average unemployment rate. Lack of proper employment opportunities has led to people lacking the ability to pay their mortgage payments and thereby defaulting. More and more residents of San Francisco are devastated at losing the roof over their heads. Crime is on the rise and a good example of this is the Westview Village where prostitution, vandalism, and constant burglaries are plaguing the neighborhood.
There has been a tremendous increase in the number of defaults made by homeowners on their mortgages especially in the adjustable-rate loans. As each day passes by, more and more people are becoming a victim of this mortgage meltdown. The neighbors have also started to feel the heat and there is a feeling of fear, depression and haunting as they see empty homes and deserted streets. These are the after-effects of the foreclosure meltdown and it isn’t confined only to low -income groups but is slowly seeping into the middle-class and even upper class neighborhoods. Foreclosures in San Francisco have pushed people to the brink. While many are jobless, others have taken to street crime and other types of illegal activities.
A 300% rise in California foreclosures in August 2007 has pushed California State among the Top 5 states list for highest foreclosure rates. Contributing further to this cause are various counties in the state including Alameda, Contra Costa, and Solano. 2,126 people filed for foreclosure in Alameda Country, which is 164.8% higher compared to the 3rd quarter of 2006. In Contra Costa County 3,216 notices were filed leading to an increase of 217.8% for the same period last year.
San Francisco foreclosures are fast leading the residents towards crime and if the federal government doesn’t take appropriate measures soon, this might lead to another crisis.
Foreclosures in San Francisco as well in California have skyrocketed. The second quarter of 2008 has been witness to 17,408 foreclosure listings while this time in the previous year only 1,936 foreclosures were reported. The rise has been an incredible 800% within a year!
One of the major culprits for rise in San Francisco foreclosures is the above-average unemployment rate. Lack of proper employment opportunities has led to people lacking the ability to pay their mortgage payments and thereby defaulting. More and more residents of San Francisco are devastated at losing the roof over their heads. Crime is on the rise and a good example of this is the Westview Village where prostitution, vandalism, and constant burglaries are plaguing the neighborhood.
There has been a tremendous increase in the number of defaults made by homeowners on their mortgages especially in the adjustable-rate loans. As each day passes by, more and more people are becoming a victim of this mortgage meltdown. The neighbors have also started to feel the heat and there is a feeling of fear, depression and haunting as they see empty homes and deserted streets. These are the after-effects of the foreclosure meltdown and it isn’t confined only to low -income groups but is slowly seeping into the middle-class and even upper class neighborhoods. Foreclosures in San Francisco have pushed people to the brink. While many are jobless, others have taken to street crime and other types of illegal activities.
A 300% rise in California foreclosures in August 2007 has pushed California State among the Top 5 states list for highest foreclosure rates. Contributing further to this cause are various counties in the state including Alameda, Contra Costa, and Solano. 2,126 people filed for foreclosure in Alameda Country, which is 164.8% higher compared to the 3rd quarter of 2006. In Contra Costa County 3,216 notices were filed leading to an increase of 217.8% for the same period last year.
San Francisco foreclosures are fast leading the residents towards crime and if the federal government doesn’t take appropriate measures soon, this might lead to another crisis.
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