Foreclosures
Congresswoman "Walks Away" from Curtis Park Home; Merced Hits 50% off Peak
From Capitol Weekly (hat tip JC):As the real estate market softened in 2007, the new owner of a three-bedroom, 1,600-square-foot house in Sacramento's Curtis Park neighborhood ran into trouble.
"Consumer Abuse"
From the Stockton Record:The sales run for existing homes in San Joaquin County - mostly foreclosures [about 80%] - continued to pick up speed in April.
NAR: Sacramento is the Biggest Loser
From Bloomberg:The median price for a single-family home in the U.S. dropped 7.7 percent in the first quarter, the biggest decline in at least 29 years, as values tumbled in two-thirds of U.S.
'Epicenter of the Boom...Epicenter of the Bust'
From CNN Money:Mortgage delinquencies will continue to rise over the next six to 12 months as home prices decline and economic conditions remain difficult, according to one forecast released Monday.
"Leery of Too Much Sunshine"
From the Today Show:The six scariest real estate marketsStockton, Calif.Stockton has the highest rate of foreclosures in the nation...Unemployment is a whopping 10 percent, almost double the national average of 5.2 percent.
Radar Logic: Sacramento Home Prices Drop Nearly 30% YoY
From the New York Times:At the end of 2007, areas with the highest vacancy rates in housing intended for owner occupancy fell into two categories: Rust Belt areas like Detroit, Cleveland and Akron, Ohio, and former boom areas like Orlando and Tampa in Florida, and Las Vegas.
Sacramento Real Estate's 'Ripple Effect'
From the Appeal Democrat: Six people are expected to lose their jobs and funding to 25 others cut back as the impact of the housing slump hits home in Yuba County.
Forbes Ranks Sacramento Worst City For Homeowner Debt, #2 For Projected Price Decline
From Forbes (hat tip Patient Renter):It's no secret that homeowners with subprime mortgages have taken a beating. Next up: those who have combined their mortgages with home equity loans, second loans or both.
