Thread: CA-High Unemployment Likely Means More Foreclosures

High unemployment likely means more foreclosures

Orange County Register
August 19th, 2009, 12:00 pm
By Mathew Padilla

So far this year lenders have foreclosed on 4,858 houses and condos in Orange County. The total is lagging 2008 — in the first seven months of last year foreclosures totaled 6,837, according to MDA DataQuick.

Pent-up pressure on homeowners exploded in 2008 and some banks and servicers may have rushed to move properties before the September 2008 law requiring a conversation with homeowners 30 days before filing a notice of default.

But still, Orange County’s unemployment rate of 9.2% in June (July’s total should be released Friday) suggests much more foreclosures are coming.

http://mortgage.freedomblogging.com/200 ... res/15953/

Not like property prices and banks had anything to do with it. Some people never could afford a home worth $250,000 but found their dream home priced at $1 million. Banks said, sure you can, just fill out the liar loan papers and move in. And we don't even care if you are here illegally and can scoot back across the border and run away from your debt.
Golly gee, why would a sound financial structure like that crumble?