California Foreclosures

California is the land of gold rushes, Movies and little rain. You know they say it never rains there. There are a lot of things to which California is proud to be first or second in the nation on. Being second in the country on the foreclosure list is not one of the things that they are most proud of.

The most recent statistics, however, show California foreclosures in a solid number two position in foreclosures behind Nevada, which has a staggering lead, I might add. The foreclosure rate in California is a whopping 0.680 percent. That means that there are a huge portion of the homes and properties there have fallen into the foreclosure system.

This can be attributed to everything from the excessive lifestyle that is common in California and people’s desire to get more things by taking out the, up until recently easy to get, second and third mortgages which put them way upside down on what the property was worth against what they were paying.

The market there has taken a severe nose-dive and more property there is worth less than ever before. The mansions that used to be expensive in the hills, while still way over priced, are down to a more reasonable price. However with the economy slamming downward like a hammer, there is not enough cash flowing out there to allow anyone other than the wealthy to purchase.

Most working class families are doing all they can to afford rent and food and the luxuries of home ownership have taken a back seat to plain survival.

Certain counties are harder hit than others and, indeed, some counties show little if no increase in foreclosures. But for the most part California is hurting and by all the analysts forecasts, will soon be into very high triple digit foreclosures.