November foreclosure rates up 4% according to Realtytrac
According to a press release from Realtytrac, Novembers foreclosure rates have increased 4% from October and 68% from November of 2005. The report shows that in the US, 1 out of every 961 household is filing for foreclosure. Although that seems high, keep in mind that the rate of real estate purchases over the last few years has sky rocketed. More people are in a home for the first time than have been in decades due to low interest rates and home prices.
But what does the report say specifically about California? Some stats of interest to us here in sunny Sacramento are:
- Year-to-date foreclosures up 43% from the same 11-month period of 2005 to almost 1.2 million
- More than 19,000 California properties entered some stage of foreclosure during November, the highest number of foreclosures for 3 straight months
- California is the 7th highest foreclosure state in the nation with 1 new foreclosure filing for every 589 households
- Our neighbors in Riverside/San Bernadino, increased their foreclosures to 4,747 properties entering some form of foreclosure, an increase of more than 57% from October
People are finding that the house they bought last year or the year before is a little more than they can handle. Most people thought the combination of real estate pricing and low interest rates would allow them to get a bigger house than they thought they could afford. Now they are finding out that they cant handle the mortgages for whatever reason and need to get out from underneath. With little to no equity, short sales and pre-foreclosures are becoming more and more available.
So just what does this mean to you as a buyer? It means €ścall me quickly!€ť The market for pre-foreclosures is hotter than ever and properties entering full foreclosure are increasing daily. Let me get you into a house that fits you and your needs while giving you and the seller a great deal. My goal is to help you in whatever way I can.
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