Foreclosures in certain areas of CA up over 100% in 1 year

[lonestarnot]

I saw it on CNN. The lady in the story said the process is pretty fast, 4 months to change people's lives.

[Warpy]

1. There seemed to be a rush of foreclosures in my area

last spring, signs posted in windows and families disappearing overnight. That has stopped. I'm wondering, however, if it's due to yearly adjustments in ARMs, something that seems to happen around the first of the year. I am dreading the coming spring. I know there will be more of those sad signs, more families who have to find cramped apartments in a big hurry.

Roughly 30% of the outstanding mortgages in this country are ARMs.

[lonestarnot]

2. Eeeek!

30% Arms.

[NMDemDist2]

3. our little tiny local paper (25K people) has an average of two fore-

closure sales listed in the Legal Notices every week

:cry:

[lonestarnot]

5. What tiny little local paper would that be?

[AlCzervik]

4. in Sacramento county they're up 110% over last year, in june of 05

there were approx. 850 and in June of 06 that number went to 1877.

[lonestarnot]

6. Yes chimpsrsmarter, those were the numbers I heard.

[AlCzervik]

11. there are many houses in my neighborhood that have been on the market

for over 6 months, the owners have done at least 2 price reductions but none of them are moving. One of my neighbors lost his job about 3 weeks ago, he worked at Intel and he's interviewing and sending out tons of resumes and he said "Worst case scenario-we sell the house, hopefully they'll be a buyer for it."

[BlueCollar]

7. Dallas Morning News reported

on Tuesday that foreclosures were at a record high...no link

[lonestarnot]

8. Implosion is on our doorstep.

[Skidmore]

9. When a basic slab ranch house built on a fault line can go for

half a million dollars, something is really wrong with the housing market. Real estate prices in California have been ridiculous for quite a while now.

[lonestarnot]

10. Can you think of any market offhand that isn't going to the south?

[edhopper]

12. Remember

we are just at the cusp of the downturn in housing. Next year 1 trillion in ARMs and I/Os come due.
This was the biggest Housing bubble in US history (Schiller/Yale), it will be the biggest collapse. We ain't seen nothing yet.

[natrat]

13. yea thats what the chick who wrote the sacramento article was saying

currently it is a leaking bubble-but if in one year the foreclosure rate doubles again it will be a bit more