Riverside and San Bernardino Counties Ranking Six Nationwide in Foreclosures- By: John Smith
Leslie Berkman reported in Press – Enterprise that after January foreclosure activities slowed, especially in the Inland Southern parts of California. This put Riverside Foreclosures in front of the news. According to the writer in February, foreclosure increased to 6% in San Bernardino County. It was a cling to the historical high levels in Riverside.
Riverside and San Bernardino during February ranked in sixth position amongst the nation’s metropolitan regions. Over 80 homes were on the list for foreclosed filings. In the two counties alone over 18,000 filings occurred, which estimated to 63% from the filings in February 2008 that estimated to over 11,000.
Riverside Foreclosures is now a big topic due to these increases. During January, Riverside County default notices escalated from over 4000 to over 5000 just in February. Worse, unemployment rates are escalating also, which means that the adjustable mortgages are escalating as well. Adjustable Rate Mortgages known as ARMs are practically unaffordable to most people. An increasing number of homeowners in Riverside County received default notices just last month, which is the first step toward the foreclosure process. Repossession is the last step in foreclosure, which is also expected to increase perhaps since modifications wasn’t working for homeowners financially sinking.
A real estate foreclosures listing provider said that the suppression during January came to a surprise. Spectators believed that effort to adjust mortgages, so that homeowners could afford them would damper the processes. The suppression during January leads people to expect that the changes would carry on into February due to the modification programs and since foreclosed moratoria was extended, claimed “RealtyTrac Spokesman Daren Blomquist.”
According to online resources, banks repossessed almost 2500 homes in February and almost 250 homes in January. What this means is that there is currently hundreds of foreclosed property sold on the market every single day. This means that perspective homebuyers can now find foreclosed property in Metropolitan areas around Riverside for low prices. Now is the time to take advantage of the Riverside Foreclosures since the interest rates have dropped as well. Recently, it was reported on CNN news that interest rates would fall well below 5% by the end of this month. You can learn more about the drops in interest rates and Riverside foreclosure homes by surfing the Internet.
If you have been thinking of buying a nice single family home then you can easily find some of the best homes through Riverside foreclosures and the best at a discounted price.
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