Thursday, May 24, 2007

Wave of Foreclosures in Sacramento County


News 10 reports and video: “Foreclosure activity in the first quarter of 2007 set a record in Sacramento County. And one Sacramento zip code may be the hardest hit in the entire state.”

“Sagging home values and adjusting mortgages are largely blamed for the 3,077 notices of default sent to Sacramento County homeowners in the first three months of the year. ”

“A News 10 analysis shows that most of the home owners who defaulted in the first quarter of 2007 had owned their homes less than four years.

The report then focuses on zip code area 95832 (a bit too much) where 2.2 percent of the homeowners defaulted on their mortgage loans for the first quarter of this year.

“Of 23 houses on Richfield Way, five went into default in just the first three months of this year.”

Here’s where it gets real interesting: “At a recent courthouse auction, a five-bedroom, four-bathroom 3,500 square foot house on Richfield Way that sold in July 2005 for $526,000 was offered by the bank for $295,000. There were no takers.

That's an amazing 44% drop in just 2 years.

There is also an edited version of the video uploaded by a YouTube user.



Bubble Sitter said...

JTS is the builder on those homes. If the news media did a little research, they might find JTS subdivisions have more foreclosures per home than any other builder. It appears they sell overpriced product with funny money loans to any GF who can fog a mirror. The media is missing a big part of the story.

Dimitris said...

On that short video clip, the zip code 95832 was mentioned six times. While a significant amount of foreclosures did occur in 95832, defaults in other areas are rising quite rapidly as well.