Inman ran a story today about foreclosures across the United States. California led the nation with 39,992 filings acording to data collected by Realtytrac.
California is home to 12% of the U.S. Population with 37,700,000 people. Only 1 in 325 homes went into foreclosure. Considering the median priced home at $497,110, 1 in 325 homes is very reasonable. Home ownership is well beond the reach of most people living in the state, so foreclosures can, and will happen – and should happen in a healthy, well balanced economy.
I think the media has blown things a bit out of control on this issue and caused everyone to panic.
Our local news reporter that 4th quarter foreclosure rates for San Luis Obispo County have risen 144%. Oh My! The sky is falling Martha.
The rate of foreclosure 291 out of 93,000 (2000 census) or 1.25%
California historical average is 2.9% (California Association of Realtors).
Our local news should have reported that San Luis Obispo County foreclosure rate is half of the normal California foreclosure rate! Great news for Home Owners!