National Foreclosure Numbers Increase: Fresno No. 9

October 23, 2008 5:47:42 PM PDT
The economy suffered another big blow Thursday after the number of foreclosed homes rose 70% over the last 3 months. California accounts for nearly 1/3rd of those foreclosures. That includes nearly 80,000 homes ... A 228% increase from one year ago. There are six cities in California rated top ten areas for foreclosure in the United States. Fresno is number 9.

For sale signs are at every corner on every block in Fresno. It's not new news to residents, it's just news that appears to keep getting worse.

According to the new report from Realty Trac, 1 in every 189 homes is in foreclosure. A home across the street from Monica Rey was abandoned several months ago.

"We've watched a lot of people move out, sell their homes around here especially in this area there's a lot of houses for sale," said Rey.

And a lot of those foreclosed homes are represented by yellow dots on a map in housing counselor Randall Guerra's office.

"With the economy and everybody trying to stretch a buck it really puts them in a situation that you know 'how are they gonna make ends meet?' said Guerra.

There is some good news from the housing report. Foreclosures in California are down 32% from August to September of this year.

Guerra said that's because of the $700 billion federal bailout. But Guerra worries when mortgage rates recast in a few months more families may not be able to afford their monthly payments.

"The tip of the iceberg. There is still a tremendous amount of folks who are at risk out there and we expect to be seeing a lot of those folks in the next three to six months," warned Guerra.

Our housing counselor warns: 'Do not put off getting help!' Guerra still has many clients coming in 60 even 90 days behind in payments.

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