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Bank Foreclosures in California
California is a golden state with sun and sand on the western coast of USA hugging the Pacific Ocean. It has four large cities – of which two are famous, Los Angeles and San Francisco. California is noted for its variety in climate, geography and population diversity. Today bank foreclosures in California are making it famous for dubious reasons.
The success story of California began with the Gold Rush of 1848 leading to an economic boom and influx of population. In the early part of the 20th century it became the centre of the entertainment industry that spread the message of American culture far and wide. But today bank owned homes in California are spreading another type of message across the globe causing dangerous ripples and heads to roll.
Bank foreclosures in California jumped by 38% during the first three months of 2008.. By foreclosure is meant all the stages of the judicial process including default and auction notices as well as repossession by the lenders. As in the majority cases the banks are the lenders and hence reference is made to bank owned homes in California.
According to statistics there are 116,644 Notices of Default that usually leads to bank owned foreclosures in California during the first quarter of the current year. Thus bank foreclosures in California showed a jump of 38% from the fourth quarter of bank owned homes in California in 2007. Studying the bank foreclosures in California it is seen that of the five regions of California – Southern California (52%), Bay Area (26%), Central Coast (39%), Central Valley all showed double digit increases in bank foreclosures in California. The numbers are not quite so bad in Northern California.
The increasing numbers of bank homes in California are forcing banks to try and sell off the houses as quickly as possible. Bank foreclosures in California have become a headache for the prime lending bodies. To get out of the mess of bank owned homes in California the banks have started taking the help of agents to sell the houses. Bus tours are being organized to persuade buyers to see all the units in one trip. Huge discounts are being offered for these foreclosed houses by the banks. Some of the bus tours are free with a lunch package thrown in. But for others a fee of about $20 has to be paid. Certain credentials about the genuineness of the buyers like credit ratings and income proof are also required.
