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California foreclosures increasing in alarming rates - all speculative "flip that house" markets have huge foreclosure numbers, and gas is $4 a gallon

Wed May 23, 2007 01:05PM | By Tony

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Someone sent me these figures and I posted them FYI, I didn't verify those, but they seems to be right, judging from what I see here in Illinois, where certain towns give me an impression that every second home is in foreclosure or bank-owned. Pre-foreclosure often means that homeowners already received Notice of Default. Bank owned means just that - bank had to take the house back from the borrower, and often, because it wouldn't sell at foreclosure auction. Remember my client who decided not to complete the purchase of three condos in Florida, and forfeiting $60,000 in earnest money in the process? There are going to be more foreclosures, just wait when gas prices go over $4 a gallon across the country. If you have a 15 gallon tank, typical of Camry, Accord, Impala, and Taurus, it is $60 to fill. You fill it 5 times a month - here is $300 per car. What is that going to do to an average American?

Los Angeles
2/20/07
2582 homes in pre-foreclosure
1354 bank owned homes

5/21/07
3814 homes in pre-foreclosure
2423 bank owned homes
48% increase in pre-foreclosures in 3 months, 79% in bank owned

San Jose
2/20/07
723 homes in pre-foreclosure
479 bank owned homes

5/21/07
1477 homes in pre-foreclosure
696 bank owned homes
104% increase in pre-foreclosures in 3 months, 45% in bank owned

Comments

I operate CurrentForeclosures.com and the # of foreclosures this month are about 10% higher than they even were last month.

Posted by: Trent Smith | May 24, 2007 11:07 AM

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