July 25, 2008
Foreclosure in San Fernando Valley
In the San Fernando Valley, north of Los Angeles, where I live the foreclosures are sizzling. According to the Daily News, there were 803 foreclosure sales in June, 08 compared to 263 in July, 07. There were 2,084 foreclosure sales in the valley in the second quarter of 08, up from 632 for the same quarter last year. The previous most foreclosure sales in one quarter in the valley was 1,818 in 1996.
I don't know what portion of the sales are because the lenders are adjusting the rates up to an amount the homeowner can't pay versus what portion is because the homeowner's just can't make the payments for other reasons. Its probably the first reason mostly which is incomprehendable to me.
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