Simi Valley Real Estate - Mortgage Defaults Soar in Ventura County
Released on = January 25, 2007, 8:49 pm
Press Release Author = Corey Wick
Industry = Real Estate
Press Release Summary = As Market Adjusts, More Ventura County Homeowners Miss Their Payments
Press Release Body = Recently, default notices on homes and condos have increased in Ventura County. Simi Valley, Moorpark, Thousand Oaks, Westlak Village, Ventura and Oxnard are reporting mortgage defaults at a soaring rate compared with last year.
With an increase of 204 percent in the 4th quarter of 2006, Ventura County sot past a historical average to the highest level in over 8 years.
The first step in a lengthy foreclosure process is a notice of default. There were 794 defaults issued to homeowners during October thru December, up from 361 in 2005.
Santa Barbara County reported a 259 percent increase compared to Ventura County\'s 204. San Bernadino and Orange County shared a 140 percent increase.
Economists predict the Fed will start cutting rates to stimulate refinancing and spark the economy. \"I think it is surprising to both homeowners as well as the economists\" says Corey Wick, Ventura County Real Estate Consultant for RE/MAX Olson & Associates. \"When rates drop for home buyers, it will give the market a little kick, but I think people need to be educated about their loan program before they get into a steep payment.\"
For Free Local Real Estate Information, contact Corey R. Wick, RE/MAX Olson & Associates.
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