Recent survey reveals that the Golden State of California has 768 foreclosures and an astonishing 68,000 pre-foreclosed properties. You must be wondering why California experiences such a huge number of foreclosures in the recent days.
This is mainly because California has a perfect weather and beautiful scenery that makes it a very desirable state for buying investment property. Nevertheless you can also go for purchasing your dream home in this region.
According to business analysts, at present, foreclosures sold at auction account for 15% of all home sales in California and are continuously surging. If the present trend continues then foreclosures will become a significant part of the real estate economy within a short period of time.
Till now, due to the availability of facilities, various locational advantages and a wonderful weather, Stockton, California saw the highest rate of foreclosures. There was one filing for every 31 households signifying a rise of 32 % from the 2nd quarter.
This is more than 5 times the rate of last year’s 3rd quarter.
Riverside-San Bernardino area, in California, saw a 39 % rise. This is due to the fact that California has a superior location, a beautiful landscape and a pleasant climate.
[tags]California foreclosures,property mortgage[/tags]
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