California Foreclosures Continue To Climb
Recent data reveals that California, one of the states hit hardest by the foreclosure crisis, continues to face climbing mortgage defaults rates, which are showing little signs of slowing down.
Citing statistics from the latest ForeclosureRadar study, consumer real estate website Housing Wire reports default filings in August reached 16.6 percent, marking the fourth consecutive month foreclosures have risen. Despite the increase, the default rate recorded in August is 16.3 percent lower than the rate seen a year ago.
"Real estate markets are local, not national, and like other real estate trends foreclosure trends vary a great deal by location," Sean O'Toole, ForeclosureRadar founder and chief executive, told Housing Wire.
In response to the worsening foreclosure crisis in many areas of the country, including California, Nevada, Arizona and Florida, the government established a "Hardest-Hit Fund" initiative, which provides money to states most heavily affected by the real estate market. The funds will be allocated to organizations and state initiatives aimed at preventing foreclosures, but despite additional funds, some states, such as California, are not showing much improvement.
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