According to Jondi Gumz of the Santa Cruz Sentinel, foreclosures for 2007 have more than tripled from the same time period one year ago (from 11 to 41). Even local publications covering foreclosure activity have had to expand their page numbers in order to cover all the foreclosure-related activity! Training for real estate agents covering the handling of foreclosure transactions is a hot commodity in Santa Cruz now, too.
This new jump in foreclosure activity is not necessarily due to traditional causes such as personal, outside crises, however. Some investors who were planning to sell their homes have been caught in a cooling market unable to sell their property or cover the mortgage and taxes with rent payments. In other cases, people are involved in mortgages that require a rising income; and some bought houses they simply couldn't afford.
Whatever the cause, homeowners considering foreclosure are recommended to consult a tax professional; and County prosecutor William Atkinson warns people to watch out for foreclosure fraud operators.
To read the entire article, go to Foreclosures Jump In County
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