During the first quarter of this year, the number of San Francisco CA foreclosures soared by almost 400 percent compared to a year ago. According to the report published by DataQuick Information Systems, the Bay Area recorded 1,495 foreclosure filings in 2007 compared to 6,579 homes this year.
As for the rest of the state, there was a recorded 47,171 California homes that were lost to foreclosure compared to the 11,032 homes last year. With the numbers at an all time high in 15 years, it is not surprising that many experts are holding their breath for what the future might bring.
Many of the San Diego CA foreclosures were once owned by families who are now claiming that they were victims of fraud. During the housing boom, many brokers took advantage of the ignorance of these hopeful homeowners and convinced them that hybrid mortgages were the logical choice for them. Sadly, these mortgages ballooned as interest rates soared and started re-setting.
To makes matter worse, the rising number of San Diego CA foreclosures has also started affecting home appreciation values. Instead of gaining equity, many homeowners found themselves losing money as home prices declined. Some of these families are even thinking of just giving up their homes especially since their mortgage debt is now bigger than the equity they have left.
The only silver lining in this otherwise unfortunate situation is that it creates a great opportunity for buyers interested in owning real estate properties in this city. San Diego foreclosures are worthwhile investment considering that they are being offered at a fraction of their market prices.
For hot leads, it would be smart to utilize listings offered by professional and experienced brokers such as Foreclosure-Support.
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