San Jose is the hub of California’s renowned Silicon Valley and highly sought after destination to live in the United States. With a flourishing job market, the residential property prices in San Jose have seen a huge rise in the last few years. However, for those of you who are still interested in purchasing property here, San Jose foreclosures offer an excellent opportunity. Currently, the median price for a San Jose home is $680,000.
The foreclosure properties in California have been recorded as the highest since 1988! This has added to the already high California foreclosures, which climbed 34.5% for the current quarter. The main reasons for this steep increase in foreclosure rate are the declining prices, slow property sales, and a credit crunch. Additionally, lesser number of default homeowners are likely to avoid foreclosure.
Around 72,571 people filed notices to initiate the foreclosure process during this third quarter. According to DataQuick Information Systems, this is a 34.5% rise from the second quarter and a whopping 166.6% increases from same time in last year. This trend is expected to continue across the state of California and shows no signs of stabilization.
Counties such as Alameda, Contra Costa, and Solano also haven’t been spared from the backlash of a spiraling foreclosure market. San Jose foreclosures, San Francisco foreclosures also contributed to the overall increase to the state’s foreclosure problems. Alameda Country has 2,126 people file for foreclosure, which is 164.8% more compared to the 3rd quarter of 2006. Contra Costa County recorded 3,216 notices, an increase of 217.8% for the same period last year, and Solano Country has 1,513 foreclosure listings leading to a 196.7% rise for the same period last year.
Meanwhile, San Joaquin County documented one of the highest foreclosure rates in California. The listings number tripled to 2,961 in the 3rd quarter of the current year. Other hot ZIPs include East Bay, Oakland, Vallejo, Lathrop, and Antioch.
Despite a healthy employment market and increasingly high priced residential real estate market, foreclosures in San Jose continue to be a cause of concern. Most of the people who defaulted in repayment took loans between July 2005 and September 2006. While the number of loans touch a high in August 2005, the use of ARM as a first mortgage option touch a high at 77.8% in May 2005.
The definite losses of residential properties to foreclosure across California totaled 24,209 during 3rd quarter of this year. San Jose foreclosures also increased significantly.
The foreclosure properties in California have been recorded as the highest since 1988! This has added to the already high California foreclosures, which climbed 34.5% for the current quarter. The main reasons for this steep increase in foreclosure rate are the declining prices, slow property sales, and a credit crunch. Additionally, lesser number of default homeowners are likely to avoid foreclosure.
Around 72,571 people filed notices to initiate the foreclosure process during this third quarter. According to DataQuick Information Systems, this is a 34.5% rise from the second quarter and a whopping 166.6% increases from same time in last year. This trend is expected to continue across the state of California and shows no signs of stabilization.
Counties such as Alameda, Contra Costa, and Solano also haven’t been spared from the backlash of a spiraling foreclosure market. San Jose foreclosures, San Francisco foreclosures also contributed to the overall increase to the state’s foreclosure problems. Alameda Country has 2,126 people file for foreclosure, which is 164.8% more compared to the 3rd quarter of 2006. Contra Costa County recorded 3,216 notices, an increase of 217.8% for the same period last year, and Solano Country has 1,513 foreclosure listings leading to a 196.7% rise for the same period last year.
Meanwhile, San Joaquin County documented one of the highest foreclosure rates in California. The listings number tripled to 2,961 in the 3rd quarter of the current year. Other hot ZIPs include East Bay, Oakland, Vallejo, Lathrop, and Antioch.
Despite a healthy employment market and increasingly high priced residential real estate market, foreclosures in San Jose continue to be a cause of concern. Most of the people who defaulted in repayment took loans between July 2005 and September 2006. While the number of loans touch a high in August 2005, the use of ARM as a first mortgage option touch a high at 77.8% in May 2005.
The definite losses of residential properties to foreclosure across California totaled 24,209 during 3rd quarter of this year. San Jose foreclosures also increased significantly.
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