Clairemont Mesa REO Fixer for sale.
7039 Batista St San Diego CA 92111 – 3 Bedroom, 2 Bathroom REO Fixer!
Clairemont Mesa REO Fixer for sale
Understanding why short sales and foreclosures are rising
Risky Home Loans are catching up with a number of homeowners across the United States. Foreclosures rose 45% in January compared to a year ago, and experts don’t see that number getting any better in the near future.
The number of homes entering some stage of foreclosure — from notice of default to bank ownership — increased 45% in January from the same period a year earlier, according to Irvine, Calif.-based Realty Trac. That was one new foreclosure for every 1,117 U.S. households.
Foreclosures are still low on a historical basis, but it has been rising steadily for the past year, Realty Trac reported. Job losses in some regions were to blame, but so, too, were risky borrowing practices that left homeowners little wiggle room on their mortgage payments. And with the pace of appreciation stalling and interest rates rising, many economists and industry observers expect the pace of foreclosures to accelerate this year.