10 foreclosure facts: ‘You are not alone’

Silent-evolution copyrighted sculptureIf you’re unable to pay your mortgage obligations and are facing foreclosure, you are not alone.

Even families in the “affluent” Westside neighborhoods of Santa Monica, Mar Vista, Rancho Park and Manhattan Beach have been hit by the economic downturn. The number of families affected by foreclosure is staggering. Although not all statistics align, the overall trends speak clearly.

Thanks to deregulation of the banking industry — and simple greed on the part of lenders — we are in the middle of the worst housing crisis in U.S. history.

Here are some facts about home foreclosures:

1. One in four mortgages are “underwater,” CNNMoney.com reports.

2. In California, things are even worse: One in three homeowners with a mortgage owes more than their home is worth!

3. Almost 75 percent of major U.S. metropolitan areas saw more foreclosures in 2010 than they did in 2009. (RealtyTrac)

4. Over the past three years, more than 640,000 Californians have lost their homes. With the number of homeowners who owe more than their homes are worth hovering at more than 30 percent, experts from the California Association of Realtors predict there will be many more foreclosures in 2011 and 2012. 

5. U.S. home prices already have fallen further during this economic downturn (26 percent) than during the Great Depression (25.9) and real estate values are expected to continue to drop.

6. The California Association of Realtors’ breakdown of distressed homes for sale by countyfound that 50 percent of the homes sold in Los Angeles County were distressed:

  • February 2010 — 55 percent of home sales were distressed properties.
  • January 2011 — 53 percent of home sales were distressed properties.
  • February 2011 — 55 percent of home sales were distressed properties.

7. “Distressed” property sales accounted for nearly 60 percent of existing home sales in California last year, according to Data Quick.

sculpture dramatizes mortgage foreclosure8. The average homeowner struggling with foreclosure has not made a payment in 17 months. (CNN)

9. The number of homes actually repossessed reached the 1 million mark for the first time ever during 2010. (Yahoo News)

10. Deutsche Bank projects that 48 percent of all U.S. mortgages could be saddled with negative equity by the end of 2011.

When I say, “You are not alone,” in my mailers and presentations, these are the facts to back up that statement.

If you’re unable to pay your mortgage obligations, contact me for immediate help. With strategic planning you can move on — away from this housing mess — with your dignity intact.

Underwater sculpture and images by Jason deCaires Taylor (copyrighted). Thanks, Jason!

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