The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels — reaching an average of more than 500 foreclosures per day — DataQuick said in a report, warning that the widening foreclosure problem could “spread beyond the current categories of dicey mortgages, and into mainstream home loans.”
Is CA one of those states where you can just walk away from the property and the bank has no recourse except the property itself?
It seems to be that way. Here in Los Banos, we see foreclosures all over town, but they appear to be bottoming out somewhat. Home sales look to be improving ever so slightly…..with people now able to afford homes they once couldn’t afford to buy. The foreclosures hurt those who never should’ve bought those homes to begin with, but in the long run, those who are now able to buy are doing it.
It boils down to this: Don’t buy on speculation that you can use a home as a source of income, don’t buy a larger home than you really need, and stay within your income. In other words: If you think you need to impress someone, you’re a fool!
CharlesB [#1]: In California a lender must (as I recall) choose between foreclosing on the property and going after the debtor.
327% of what. Please explain