Are Foreclosures Really a Tsunami?
April 29, 2008
As you opened your San Bernardino Sun newspaper this morning you were greeted with a huge black lettered headline "We're second worst". The sub headline read "Bleak ranking for region's foreclosures". It is true that foreclosures are up from one year ago, but thus far, it is not quite what the region experienced during the Savings and Loan crisis of the 1990s. Remember the Resolution Trust Company that was created to liquidate all the non performing assets (i.e. homes in foreclosure) of the banks and savings and loan companies.
If you want some real data on the foreclosures 9in our region for the first quarter of 2008, here is a great source. Go to http://www.latimes.com/. Once at the times site type in "SoCal foreclosures by county" in the Search box located in the top right hand corner of the page. In the right hand corner of the text, you can click on the county and it will pull up the communities of that county. Pick a community. I picked Yucaipa and this is what came up when I clicked the detail button.
Foreclosures First Quarter 2007 - 12
Foreclosures First Quarter 2008 - 77
2007 Households - 18,573
Households per foreclosure - 241.21
You will find that some areas in Orange and LA counties have no foreclosures in the first quarter.
Anytime that there is an economic downturn, foreclosures are affected.
As you opened your San Bernardino Sun newspaper this morning you were greeted with a huge black lettered headline "We're second worst". The sub headline read "Bleak ranking for region's foreclosures". It is true that foreclosures are up from one year ago, but thus far, it is not quite what the region experienced during the Savings and Loan crisis of the 1990s. Remember the Resolution Trust Company that was created to liquidate all the non performing assets (i.e. homes in foreclosure) of the banks and savings and loan companies.
If you want some real data on the foreclosures 9in our region for the first quarter of 2008, here is a great source. Go to http://www.latimes.com/. Once at the times site type in "SoCal foreclosures by county" in the Search box located in the top right hand corner of the page. In the right hand corner of the text, you can click on the county and it will pull up the communities of that county. Pick a community. I picked Yucaipa and this is what came up when I clicked the detail button.
Foreclosures First Quarter 2007 - 12
Foreclosures First Quarter 2008 - 77
2007 Households - 18,573
Households per foreclosure - 241.21
You will find that some areas in Orange and LA counties have no foreclosures in the first quarter.
Anytime that there is an economic downturn, foreclosures are affected.
posted by shirley harry at 10:03 AM
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