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Foreclosed VA Homes for Sale and Bankruptcies Give City More Problems

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By : John Cutts    99 or more times read
The high number of foreclosed properties, including foreclosed VA homes for sale, continues to affect California. Because of the massive foreclosure problem of the state, several of its cities have been named in Forbes' list of most miserable regions in the U.S.

The number of foreclosed homes offered at Sacramento home auctions as well as in other foreclosure auctions held in different areas of the state has shown some decline last year, but the total number of distressed properties in the region remained one of the highest in the whole country. This resulted in several California metro areas getting ranked in the Forbes list. One of these cities happened to be Vallejo.

The city made the list not only because of the high number of foreclosures in the area offered at home auctions in California, but also because of its high bankruptcy rate. Vallejo was ranked ninth among 20 metro areas considered by the publication as less than ideal places for families and residents to live in. The state of California had eight entries in the top 20.

Aside from the high supplies of foreclosures, including foreclosed VA homes for sale, the city also has a high unemployment rate. The most recent job market figure saw the city having an unemployment rate of 12.5%. According to local authorities, this is way above the 4.9% rate recorded in Vallejo around five years earlier. To top it all, bankruptcies have also escalated in the metro in the past two years.

Aside from foreclosures offered at auctions for sale and unemployment rates, the publication also considered tax rates, crime rates and even performance of local sports teams. The magazine also considered housing price appreciation for a period of three years in making the list. Besides California, Florida also had multiple cities ranked in the top 20 list released by the publication. The top ranked city in the list was Stockton.

Meanwhile, a number of officials and residents in Vallejo have argued that the list is not accurate. They stated that, although the number of bank foreclosed properties and foreclosed VA homes for sale is high in the city, they still find it a great place to live and that residents are working hard to improve the condition of the metro area.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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