San Jose bank foreclosures, California Witnesses 755% Increase in Foreclosures

by Peter Vernon on cities

The State of California is witnessing an unprecedented rise in foreclosures, the highest in 11 years! San Jose bank foreclosures, California have increased considerably causing alarm among the real estate market watchers. With the number of homeowners unable to pay off their loans is increasing.

In the second quarter (April – June) of 2006, the foreclosures in Bay Area were just 258. However, by the second quarter of this year (2007), the number of foreclosures has risen steeply to 2,206. That’s an astounding 755% spike!

This trend has continued to affect the State of California which is experiencing a rapid increase in California bank foreclosures and other foreclosures. While in the second quarter of 2006, the total number of foreclosures in California was 1,936, the figures now have grown to an incredible 17,408 for the same period in 2007. This indicates an 800% hike.

While this spells good times for savvy investors and first time homebuyers, it’s not really good news for the real estate market overall. With several million of dollars invested in mortgages and loans, these are risky times!

San Jose bank foreclosures, California can also get affected from this major real estate market meltdown. So devastating can the outcome be that banks, lenders, and other financial instructions can suffer terribly due to this lack of accountability. According to experts, the accountability has to come from the government. If this trend is not stopped, or slowed down, the foreclosures across America may continue to increase into 2009.

For all of you who have wanted to move to San Jose, California for its attractive lifestyle and beautiful environment San Jose bank foreclosures, California is a means to fulfill the American dream to own a beautiful home in a thriving city!