Watch Out Californians, Home Foreclosures is on the Rise

It wasn't too long ago it was reported that some California city homes are the priciest in the nation The short term effect that face this situation is affordability. Higher priced homes means higher mortgages. According to foreclosures.com, California may see an upsurged in mortgage defaults in the near future. Only 18 percent of California household can afford a median-priced home. Home sales in Southern California have decreased from 8- 27 percent and roughly 4,000 homes in Los Angeles is about to enter in foreclosures. Northern California is also experiencing an increase in foreclosure filings of 2,888 from 2,573 of the previous quarter.

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Written by Resty Malia
Buying a Home Foreclosures