What To Know About How California Foreclosures Are Intensified By Recession
The current recession and California foreclosures in the Golden State should be studied
in order to understand how what happens out in California can eventually spill over to the rest of the nation. It's especially important to study this issue if the time is coming when getting back into California real estate markets it's going to happen. This can help one to avoid repeating the same mistakes, at least.
Probably only those who have been living in outer space or in a deep cave haven't heard that the country -- and especially California -- has been suffering from one of the deepest recessions since the Great Depression. At the present time, California's nickname ("the Golden State") doesn't seem to be particularly apropos, though most feel that it certainly will be at some point in the future.
Many people, though, shouldn't feel as if there's nothing that can be done when it comes to CA foreclosures and possibly what they might mean for the rest of the nation. Unfortunately, it's made harder by the fact that six out of the top 10 cities in terms of rate of foreclosure across the country are sitting in California, with some in the southern region and some in the northern region.
There are many different reasons for why the Golden State and its housing market has found itself in the doldrums, including that too many people were out there chasing properties that they thought they could make a quick buck off of, relatively speaking. In good times, there's nothing wrong with this, but when the recession kicks in it can hurt people caught on the short end of the market timing strategy.
The possibility that the state could pull itself and its housing inventory out of this issue isn't helped by the fact that there seems to be little prospect that the current recession will ease off in any appreciable way for the foreseeable future. Some economists believe that significant hiring and new employment won't begin to occur for several years, as a matter of fact.
What this usually means when it comes to real estate is that a shortage of ready and willing buyers will continue, especially out in California. Additionally, the Golden State suffers from a number of budget issues -- some structural and some beyond its control -- which also isn't helped by the fact that more people are moving out and are moving in. This affects revenue collection, for one.
When a state like California starts experiencing consistent out-migration it's just a fact that the rate of CA foreclosures will rise over the short run and maybe over the mid-run. At present, it's hurting because there just isn't a large group of buyers on the market looking to get back into homes in California that probably are more costly than their true market value is at present.
So then; it looks like California foreclosures and the recession out in California and in the rest of the country is forcing many to consider taking strong action to get control of a tough circumstance. Whether anything can happen in 2010, which is an election year, remains to be seen. More likely, action on the rate of California foreclosures stronger than what's already been taken will have to wait until January, 2011.
by: Jack Bennington
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