According to various reports, the number of Californians who are significantly behind on their mortgage payments and at risk of losing their homes to foreclosure more than doubled in the three months ended Sept. 30, providing the latest evidence of trouble in the housing market, figures released Wednesday show.
Lenders sent out 26,705 default notices — the first step toward a foreclosure — during the July-to-September period, up from 12,606 during the same quarter in 2005, according to DataQuick Information Systems.
Sellers can not sell their homes fast enough to avoid defaulting. Those who have equity in their homes are doing anything possible to sell their homes. They are making all kinds of offers. Indeed, this is a good time for buyers to get into the market. Buyers who got into homes they could not really afford are in for the rude awakening. It is time to smell the coffee. A lot of them had adjustable mortgage. Soon, they will be hit with the reality.
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