Foreclosure Crisis to Grow Before it Shrinks
In a recent article, North County Times writer, Zach Fox, predicts the fate of the California housing market through the end of this year.
“Just as April’s sales data was the best in months and provided some encouragement for real estate agents, the month’s huge foreclosure numbers offered more ammunition to housing market bears who see San Diego County’s housing recession dragging on for two or three years. All indications are that North County will see more foreclosures, not fewer, come up for sale over the next six months:
Fewer than half of San Diego County variable-rate subprime loans - where interest rates jump after a set period and typically carry high payments because of a borrower’s poor credit score or low down payment - have already seen payments escalate, according to a report by the New York Federal Reserve Bank.
Read the full article at: NCTimes - HOUSING: Foreclosure crisis to grow before it shrinks
Tags: foreclosure homes, foreclosure news, foreclosure report, Real Estate
