The financial crisis has adversely affected the house market in California. More than 31,676 Californians lost their houses in the three months ended December 31, 2007 because the depreciation led a certain number of homeowners to owe more than the market value of their properties. However, a 41 percent of 81,550 homeowners who received default notices could conserve their properties through a refinancing system or reimburse their loans by selling their houses. Riverside County is the most affected with default notices that increased by 119% compared to its level a year ago. Los Angeles County homeowners’ response to the financial crisis is better because it recorded 89 % increase in default notices.
Link: http://www.latimes.com/business/la-fi-foreclosures23jan23,0,5559243.story?coll=la-home-center
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