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Foreclosed homes for sale in Modesto Still on the Rise

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By : Dywon Marck Taylor    99 or more times read
Home foreclosures in the U.S. may not be making the headlines as often as they once did, but this doesn’t mean that foreclosure activity is no longer to be found across the country. For instance, foreclosed homes for sale in Modesto are still on the rise. Modesto, CA, is a city that has more than 200,000 residents. According to some recent news, the city is just behind Las Vegas and Fort Myers when it comes to being the city with the highest foreclosure rate.

The statistics and numbers come into life when you pay an actual visit to the city. In almost every neighborhood and street, you will find a couple of foreclosed homes for sale in Modesto. These homes make quite a devastating image. The houses stand on vacant lots, with notices on the shut doors and with windows boarded up. This state is similar to that of fixer upper homes for sale in Colorado and other foreclosed properties in the country.

According to Bob Johnson who is in charge of Modesto’s Direct Appraisals, Modesto’s foreclosure rate is likely to stay high for a long time to come. He says that “the majority of the foreclosures here are people who used home equity loans to buy cars and other things. Banks often try to help out with loan modifications, but that doesn’t really help, so people just walk away. Bottom line is, people here say they just won’t pay mortgages that are worth more than the value of the property.”

However, despite the high foreclosure activity in Modesto, there are actually plenty of new homes that are being constructed. A new subdivision called The Arbors is being put up just a short distance away from a row of almost-new foreclosed homes. The new subdivision units are usually twice the price of their foreclosed counterparts.
Original post: on, your source of homes in foreclosure.

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