The Talking Factor In Foreclosures

Posted in Foreclosures, September 26th, 2007 |

The epicenter of the foreclosures tornado seems to Henry Long Blvd, Stockton, California. Out of every eight house one is up for sale. There is no need to look at the notices – the overgrown lawns will do the speaking. In one locality there are nine houses and of these as many as four are on sale.

Stockton is abuzz with all sorts of activity related to the foreclosure fracas. The accusing finger points to the sub-prime market where predatory lending and greedy borrowing has done a lot of damage. It has become a countrywide socio-economic issue. The authorities are beginning to sit up.

One person is acting on behalf of the bank giving out cheques to people and getting them out of their homes. Another fellow wants to invest in a foreclosed homes and then ‘flip’ it. The seasoned real estate agent is of the opinion that the real big and fancy houses have not been affected – one has recently been sold for a record. The dental assistant who is a single mother of three has a frown on her forehead for she has to vacate her house within a fortnight. Where will she go with her credit history in shambles?

Nobody will rent out any unit to her. Her tale is the one of many – after resetting her mortgage payment shot up. She is sorry not to have thought about the future and allow herself to get talked into this mess. Now her prime focus is on finding a roof – she has no time for blaming games. Notices on the main door are beginning to peeve her little ones. The general sympathy is for her but she cannot be bailed out to stay in a house she could ill afford from the very start. But borrowers who were responsible and stayed within their budgets are being affected also in similar manner.
In Stockton things are going to get darker before the sun comes out again. The market has to work out its own routine.

Some opine that one has to wait till 2011. This means more will be thrown out with bad credit and nowhere to hole in. The dental assistant has surely had a bitter real experience. Her advice to others is very down to earth – keep within your budget and your foot on the ground when you look to the sky.