California’s Dreams Turning Into Foreclosed Nightmares
July 10th, 2009
The sweet dreams of California are turning into foreclosed nightmares fed by unemployment and budget cuts. California has become a dream boat that has got stuck in quicksand. California has always been the best place to make a new beginning and its fans will say that California will weather even this storm.
But many of its residents are not willing to share this view as they are either without jobs or homes – sometimes both. Their future is in question and hope is sinking each day.
Gordon Tracy is one of the many who haunts the job center of San Jose hoping against hope for a break. But the 54 year old is fast losing his optimism He claims to have become a poster boy of the Californian nightmare. The people are anxious being battered by layoffs and tired of the familiar lingo – ‘severance package’ and ‘pink slip’. Tracy is worried about the widening gap between the haves and have-nots that is nearly becoming a caste system with no hope for those on the wrong side of the divide.
Nancy Lopez is a technical worker and is facing a double hit – loss of job as well as threat of foreclosure. For the second time in 18 months she got laid off. If a miracle does not happen within 45 days she will start defaulting on her home mortgage. Lopez is now 47 years old. She cannot believe what is happening to her much loved California. She thinks that it is not just being part of a cycle of economic woes but actually it is a “as a vast correction to Californians’ years of greed. This is all a whiplash from that greed. We were all spending money like it would never end. Well, guess what — it’s ended.”
In Silicon Valley over 100,000 are battling to get a job. California has the second highest foreclosure rate in USA.
Mark DiCamillo who has been minutely feeling the pulse for years commented, “When we first started asking in 1960, then all the way into the ’80s, over 70 percent of people would rate California as one of the best places to live. When we asked that question last March, it was just 41 percent. Your quality of life suffers when you’re out of a job or at risk of losing it or can’t make your mortgage payments. There’s so much here to enjoy, but the bloom is somewhat off the rose.”
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
- Foreclosure Assistance Being Taken on Tour by Housing Advocate
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July 15th, 2009 at 8:47 am
[...] foreclosure crisis has yet another outcome – it is breeding scam companies who are conning the harassed home [...]