Stockton and California's Short Sale and Forclosure Real Estate Market
Stockton, Lodi and the San Joaquin Real Estate Markets at times have been ground zero for distressed homeowners. I almost consult daily with home owners not knowing where to turn who are trying to find alternatives to foreclosure. It is often suggested that the homeowner contact their lender but this often results in confusion and huge delays. Many homeowners are now turning to short sale specialists and Foreclosure Alternatives Consultants. Approximately 53% of homes in Stockton for sale on the MLS are Short Sales and approximately 33% of home in Stockton are foreclosures. But California homeowners you are not alone, Florida had a lot in common both states were swamped by buyers who entered into high-risk loans. Unemployment has been instrumental in the latest round of foreclosures.
When the bubble exploded, California and Florida became leaders in mortgage defaults, foreclosures and short sales, price declines and numerous unsold new homes. Las Vegas, Nevada is not far behind. But in the past year or so, California’s housing real estate market has been showing signs of recovery, but unfortunately Florida’s is not fairing as well which probably has more to do with the lack of industry other than the tourist industry, The foreclosure process in California is much different.
Stockton’s and California’s foreclosure wave began in 2007 when the bubble burst it was, triggered by falling home values, adjustable-rate mortgages resetting it reached its highest point in 2008, and peaked in the late summer of 2008. Since then the rate of foreclosures has declined significantly, but there are quite a few foreclosure waiting in the background. Bank seizures dropped 44% in the third quarter of 2010 in comparison with the high point in 2008 according to statistics from RealtyTrac Inc. It is important to keep in mind that real estate is regional. Stockton’s Real Estate Market has had unusually high rates of foreclosure.
If you have any questions concerning alternatives to foreclosure and would like a private consultation, please contact me at 209-479-9222 or e-mail me at hlilly@PMZ.com , visit our web-site at www.hughlilly.com . We are certified short sale specialist and Foreclosure Alternative Consultants.
Stockton Neighborhoods: Brookside, Lincoln Village, Morada, Morada Ranch, Beck Ranch Spanos Park, West Spanos Park, Weston Ranch, Port of Stockton, UOP.
Stockton and Lodi Zip codes: 95208, 05204, 95205, 95206, 95207, 92209, 95210, 95212, 95215, 95219, 95242. 95240
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