San Diego Real Estate Blog

San Diego Real Estate Blog

San Diego has seen its share of foreclosures; in fact the whole state of California has been one of the hardest hit states in America. In many new home communities and subdivisions of the early to mid 2000’s foreclosures and short sales are the 2 main groups of available homes for sale in the San Diego MLS. Areas where most of the home loans were interest only stated income loans with Adjustable Rate Mortgages or ARM’s are falling victim to the economic crisis and unemployment epidemic.

I recently read an article on CNNMoney.com and they listed the top 5 foreclosure hot spots all out of the State of California. The top 5 foreclosure areas in the United States were; McAllen Texas, Burlington Vermont, Lincoln Nebraska, Gulfport-Biloxi Mississippi, and Sioux Falls South Dakota. With states like California, Michigan, Florida and Nevada usually at the top of the list we’re finally starting to see that all of America is on the chopping block. In big numbers too. I know Obama and the current administration want to keep every American in their homes but it’s not their call, it’s the facts of life and the facts of business that make it unrealistic. Just another false HOPE and broken promise or is pushing the 1.6 Trillion Health Care debacle through more important right now. I wish they would fix one thing before they break another.

McAllen, Texas – 1 in 251 homes are foreclosures up 1,197%
Burlington, Vermont – 1 in 4,436 homes are foreclosures up 400%
Lincoln, Nebraska – 1 in 2417 homes are foreclosures up 240%
Gulfport-Biloxi, Mississippi – 1 in 492 homes are foreclosures up 140%
Sioux Falls, South Dakota – 1 in 492 homes are foreclosures up 116%

There are always options to foreclosure such as loan modification, bankruptcy, and short selling your home. You should always consult an attorney to look at all of your options. If you need help with a short sale in San Diego make sure you give us a call for a free consultation.

CCNMoney Article

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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This entry was posted on Monday, November 2nd, 2009 at 9:26 pm and is filed under San Diego Real Estate News, San Diego Real Estate Blog, San Diego Foreclosures, San Diego Real Estate, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.