More Bad News for Sacramento-area Homeowners
The real estate information service DataQuick reports the number of local foreclosures reached record levels in the 4th quarter of 2007.
Wednesday, January 23, 2008
Statewide, it was the highest in 15 years.
DataQuick analyst Andrew LePage says declining home values are to blame.
LePage: “The more prices decline, the fewer options people have for pulling out of a financial pinch. It’s harder to refinance, it’s more difficult to sell the house for enough to cover the loan and cover your other costs involved with selling.”
Sacramento County alone saw notices of default skyrocket by 120 percent over the 4th quarter of last year.
LePage says that of all the major California population centers, the capital region has been the hardest hit by the housing downturn over the last two years.