Foreclosure Houses In Marin County
April 15th, 2008
Marin County situated in the north east corner of San Francisco Bay region of California is just across the Golden Gate Bridge. The county is famous for its natural scenery and affluence. In 2000 it had the highest per capita income in the US – $44,962. In this paradise foreclosures have sneaked in creating havoc. The numbers have doubled over the past one year.
From 1st January to 31st March about 314 units in Marin were in some stage of foreclosure. During the first quarter of the previous year the number was 129. Another statistics shows that in 2007 during this time 36 houses had been sold in auctions while this year the number has almost doubled to 67 in this county. Nevertheless what is happening here is nothing compared to the crisis raging across the country. According to per capita count Marin is the lowest in the state as regards foreclosure houses. During the first quarter for every 12,000 persons there was one foreclosure. But In San Joaquin County the ratio was one foreclosure per 700 individuals. San Joaquin County has listed 4,614 foreclosures during the first three months of this year. It ranks highest in the state and is counted among the top two across the country.
In Marin county the foreclosure picture is picking up – 581 units are in default and heading for auction or bank repossession during the last 120 days. Out of these 581 properties 379 are in the pre-foreclosure stage, 93 have gone up in auction lists and 109 have been retaken by the banks. Slowly but surely since the previous year, foreclosures are crawling up. The foreclosure numbers in November, December, January, February and March are 76, 90, 109, 94 and 111 respectively. Considering the general scenario this is not unexpected or something out of the blue.
Over the past 120 days Novato and San Rafael in Marin recorded 280 and 161 foreclosure postings respectively. Foreclosures have been less fierce in south Marin with 18 in Sausalito and 27 in Mill Valley.
Mark Lachtman, the president of First Capital Group put the blame for this situation on bad economy and bad lenders. Loans were given and taken without a second thought about documentation or verification. With the slowing down of the economy the real estate prices are getting soft. The value of houses cannot be falsely inflated and all this tends to make it impossible to get loans to refinance.
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