Posts Tagged ‘stockton’

In the lonely neighbourhood two large turtles were rescued from an abandoned foreclosed house in Discovery Bay. The turtles were lucky to be adopted by some school children. But one pit bull puppy was unlucky – it died tied to a fence in a backyard of Pittsburg. If people cannot survive the foreclosure attack what of the fate of the animals who are their pets?

Cecily Tippery specializes in foreclosed units is now busy rescuing abandoned pets from deserted houses. Right now they have their hands full taking care of a generous number of pets – all hit by the foreclosure wave. In a house in Antioch the group found a dachshund, beagle and Chihuahua huddled together with a dead turtle. In an Oakley house the only occupant was a Calico cat. Another house was crawling with a litter of kittens.

Abandoned pets are another grim aspect of the foreclosure crisis. More stories pet and foreclosure related stories are coming up from across the country.

In Ohio the animal welfare groups are in a huddle trying to find space for an increasing number of abandoned pets. In Arizona concerned pet lovers have set up an e-mail network to find homes for the foreclosed-pets. Stockton is at the centre of the foreclosure and Michael Parker an officer in animal services is a worried man. Thousands of evicted families have temporarily forgotten their pets.

So far there has been no detailing of the abandoned pets – unfortunate victims of the foreclosure fiasco. Stray news are pouring in but the problem is beginning to get attention says Paul Bruce of Humane Society of US. The problem can be understood. New landlords taking in tenants are often averse to pets. Many of the pets left behind by the foreclosure wave are too old or sick. They do not have veterinary records. Tippery falls within a ‘no-kill’ zone that makes the problem difficult to solve.

Contra Costa and Antioch do not have no-kill pet shelters. Agents are not happy about sending them there. The local rescue bodies do not have the funds to finance vet care for the abandoned pets. But work is underway by animal lovers. Individuals have paid for health checks of these foreclosure victims and they are hunting for adopters in an organized manner. It is heart wrenching to see not just toys left behind but living animals in houses that were once homes.

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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.

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Stockton has the dubious distinction of ranking first in the foreclosure race with 8000 foreclosures this year. Stockton has a population of about 300,000. One in every 27 houses has slipped into foreclosure. The highest concentration is in Weston Ranch region of Stockton. The figures have been released ACORN, a non-profit organization. The inhabitants belong to the middle-income category for whom it was a bolt from the blue.
People dreaming about house ownership had been lured into the sub-prime mortgage by predatory lenders. The costs of the houses were inflated to expedite loan procedures. Many walked into the trap with the sure hope that real estate prices could never fall but would only rise.

The Weston Ranch streets are dotted with sale signboards standing on overgrown gardens. The victims have just disappeared leaving food on their tables. The remaining neighbours are infected with this gloom of auctions taking place all around. People are getting a double beating. Moving out of his own foreclosed house one person became tenant in another house. But soon the second place of shelter too was gobbled up by foreclosure.

Agents dealing in short sales and rentals are doing brisk business. This is a positive way out for harassed owners to save some credit and avoid the stigma of foreclosure. By an arrangement between the lender and the borrower the house is sold off at a price, which will bring in less the amount than what is owed. Rental business has gone up with people shying away from buying properties. Right now there are very few buyers. Properties are sleeping three times longer than it did last year. The average price has plummeted by 10%. Right now there are 350 houses waiting in the line to be sold. At the present pace it will take another five years for this to happen. The general prediction is that the weather will not clear till 2010.

A spokesperson of a Stockton non-profit organization opines that at the root of the matter is ignorance of the buyer about mortgage and other matters related to property. The borrowers must be educated about the law and the terms of the agreement to avoid pitfalls. Being forearmed is to be forewarned! The goal is to try to help the weaker section to have a roof of their own. But the thrust is on the point of affordability.

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