Folsom, Granite Bay and El Dorado Hills Home Foreclosures in the News:

Delinquency Rate on U.S. Mortgage Loans Hit an All-Time High…

Notice of Default Filings and Delinquency Notices

Even though the pace of growth has slowed, home loan delinquencies hit an all-time high for the second quarter of 2009.
According to credit reporting agency TransUnion, he percentage (ratio) of mortgage holders who are 60 days or more behind on their payments increased last quater for the 10th straight quarter. For the three months ended June 30, mortgage Delinquencies have now risen to 5.81 percent nationwide. Locally for us, Folsom, El Dorado Hills and Granite Bay are all experiencing very different markets right now.
The El Dorado Hills Foreclosures are very much a product of so many new,big homes built in the md 2000’s; many sold from the builder to buyers using adjustable rat mortgages that have now come unlocked. El Dorado Hills Shortsales will become rampant.
Folsom Foreclosures have been a whole different stor, the Folsom forecdlosures have been trcking with priceranges and it is easy to see that the bigger homes built and sold in the mid 2000’s here in Folsom have been slowly coming to market after a large surge in the lower priced Folsom Homes. As the shortsale becomes more of a viable solution for banks, we will see many, many Folsom Shortsales.
Granite Bay foreclosures have been very slow and may contimue to be so- Very little new home construction in the mid 2000’s, when the adjustable rate mortgage was so popular is a big reason why the Granite Bay Real estate market has enjoyed so much sstrengh. We may get through this market without seeing a surge in Granite Bay Foreclosures. I think by the time the economy drags Granite Bay Homes into this mess, the shortsale will be the solution and we will see more Granite Bay Shortsales rather than Granite Bay foreclosure.
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