Sizable Growth In The Number Of Foreclosures Tracking of foreclosures in California’s San Bernardino County shows a sizable growth in the number of foreclosures, in spite of the region’s economic growth. Economic growth is ongoing, featuring development of the Southern California Logistics Airport and potential for a Burlington-Northern Santa Fe port distribution center and train depot. Both blue and white-collar jobs are being created and houses are being built in areas like Victor Valley where around 600 new homes sold in 2006 and Hesperia. Expectations are high for sales to continue in both areas according to Frontier Homes spokesperson, Miguel Gonzalez.
With over 2.2 million households in the U.S. estimated to be facing foreclosure in the next five years, according to the Center for Responsible Lending, a nonprofit financial reporting agency, the expectation is that local foreclosures may be increasing, while housing prices for new houses will see a drop
Local real estate people, including those who specialize in foreclosure homes disagree as to the impact of admitted higher rates of foreclosures in the County. Shear Realty agent Craig Kudrly expects the San Bernardino County rate to hit around 5% rather than the 20% forecast in other areas. Agent Pamela Hurst handled 5 foreclosures in 2004 and 72 in 2006 and in 2007 has already handled 13 pre-foreclosure reviews.
Foreclosure rates for San Bernardino County showed 2550 foreclosures in the third
quarter of 2006, with 1270 reported in third quarter 2005. This is a 100% increase in one year, according to DataQuick Information Systems.
Both agents recommend borrowers contact the lenders at the first sign of trouble in meeting payment obligations. The lenders don’t want the properties back, and would much prefer making alternate payment arrangements.
Foreclosure rates on another web site showed 425 foreclosures and 5600 pending foreclosures in December 2006 county wide.
Advice for borrowers and homebuyers includes selling soon in order to get top price points because prices are expected to drop swiftly once the wave of foreclosure homes hits the market. New buyers who would have come to the high desert of San Bernardino choose instead to stay in the softening urban market.
The good news is that housing price drops even for new homes such as those built by Frontier Homes may allow more affordable price range, depending upon the community chosen. Frontier Homes prices dropped months ago thanks to lower costs and their home sales continue at a steady rate priced in the high $200’s depending upon the community.
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