Almost One in Ten California Mortgages in Foreclosure
Experts are predicting continued large numbers of foreclosures in California as those in trouble with their home loan has increased from six per cent a year ago to almost ten per cent in June. These figures come from a recent Los Angeles Times article.
An industry analyst was quoted as saying that sixty per cent of residential properties in default can be expected to end up foreclosed. Meanwhile, commercial loans are expected to become more of a problem, especially if interest rates increase.