Mortgage Foreclosures
Mortgage foreclosure crisis hits California hard. The foreclosure rate grows
as California's number of home owners shrink. Mortgage foreclosures is the
biggest problem in America today and Congress needs to help.
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One in 52 homes in California are in foreclosure process. This
fact alone should scare every American. California by far the biggest state
in the U.S. and it is teetering on a housing problem we haven't seen since
the Great Depression. Not only is, the one in 52 scary, but think about this
- mortgage foreclosures in California are happening at a rate of 3.8
per 1000 people right now.
The news from California is dire not only for them but also every other citizen
in America. If the mortgage crisis becomes a mortgage disaster
in California it will ripple across the United States like a large wave.
If two percent of all California home owners become renters with ruined credit
scores you can start boarding up the Home Depots and Lowes. The lumber industry
will follow and construction workers will be looking for work outside their
field. Plumbers, cabinet makers and electricians will be asking "would you
like an apple pie with that? |
In San Bernardino County, CA last year, more than 7,700 homeowners lost their
homes to foreclosure — a 719 percent increase in just one year.
Think about it, even in a large county like San Bernardino that number is
unbelievable. Some 43 states saw an increase in foreclosure filings
over the last year, with Nevada, Florida and Ohio charting higher. Nevada,
California's neighbor to the east is in desperate trouble now. Nevada has
had the highest foreclosure rate in the nation for the 13th month
in a row. The state had 6,694 filings in November, up 167 percent from November
2006.
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We have problems in this country but if we don't get a handle on the
mortgage foreclosures we will have much more than a recession. We
will have a economic situation we haven't seen as a nation since the 1930s.
If you don't believe me read what USA Today reported..."The most severe real
estate recession in a generation sent sales of existing homes plunging 13%
last year — the steepest annual dive in 25 years — and the median
U.S. home price fell, probably for the first year since the Great Depression,
the National Association of Realtors said Thursday". |
My suggestion to those of you in trouble is, call your mortgage company
if their is any chance you can work it out. If they are not willing to work
with you call your congress person. They might not help but if enough people
call maybe eventually Congress will get a clue.
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