Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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2008 FORECLOSURES TOP 236,000 IN CALIFORNIA

INDUSTRY NEWS
February 15th, 2009

The Los Angeles Times reported that the number of homes lost to foreclosure in California exceeded the previous nine years combined. Another 404,000 homeowners are in default on their payments – a record high.

The tide of foreclosures began with the subprime loan crisis but now lenders and industry analysts blame rising unemployment, currently at 9.3% in California, for deepening the crisis.

Job losses and cutback in hours are to blame, not home buyers acting financially irresponsible.  Evan Wagner, communications director for IndyMac Bank , stated 80% of borrowers seeking loan modifications cite job loss or reduced income as the reason they can no longer afford their mortgage payments.

The pain has spread to prime loans. The rate of default increased 340% in the third quarter of 2008 compared to the same period in 2007 according to numbers recently released by the Mortgage Bankers Association. The next area of concern is many Alt-A loans and Option Arm loans are scheduled to begin re-setting in 2009-2011.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Sunday, February 15th, 2009 at 1:02 pm and is filed under INDUSTRY NEWS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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