California Foreclosures May Be Rising, But the Market is Still Steady

Posted in General, October 23rd, 2006 |

While the California foreclosure rate has risen nearly 100% since last year, realtors at the California Realtors Expo last week expressed optimism about the California reale state market’s prospects for 2007.

Issues discussed were the upsurge in Adjustable Rate Mortgages over the past few years, and their effect on the market when rates reset in the next year. While it was stressed that this will mean more foreclosures, and that the rise in foreclosures is not yet finished, it was also widely beleived that this would not have destroy the housing market. While prices have fallen, many beleive they will not reach any kind of devastating lows.

For foreclosure investors in California, this is good news. There are many foreclosures currently available, and the market is still strong enough to support their sale at a good value. Buying low and selling can still earn you lots of profits, if you buy the right homes.

[via Press-Telegram]