alifornia and Nevada are California’s homeowners, housing
experiencing housing markets and economic growth are
recessions behind Michigan, all at risk,” said Center for
which has the worst housing Responsible Lending California
markets in the nation, according director Paul Leonard. “The state
to new reports released by should lead efforts to reduce
Housing Predictor. foreclosures, help borrowers and
reduce risks for new subprime
Lawmakers in Ohio, Maine, North loans.”
Carolina and Minnesota have
already passed new laws to aid Lawmakers in many other states
those under going foreclosure as are also examining ways to help
a result of the subprime loan home owners facing foreclosure,
melt down. But in California, including New York, Massachusetts
which leads the nation in many and Colorado. But in California
other areas the housing market is and Nevada, where foreclosures
estimated to under go more than are approaching record numbers
500,000 foreclosures as a result lawmakers have failed to come up
of the subprime crisis and little with a program for assistance.
has been done to help
Californians under going Housing Predictor forecast in
foreclosure. early June that more than
2-million homes will be
Housing Predictor forecasts more foreclosed as a result of the
than 250 local housing market subprime loan crisis, and
futures in all 50 U.S. states and correctly forecast in March that
regularly updates its forecasts. the Federal Reserve Board would
cut interest rates before the end
“With record levels of of 2007. The Fed trimmed interest
foreclosures and more coming rates by a half percent last week
and is widely expected by google_ad_client =
economists to make further cuts "pub-8542272527121315";
in September.
The California housing market is google_alternate_ad_url =
now under going double digit "http://www.isnare.com/adsense-al
depreciation in some areas, t-728x90.php";
particularly in Southern and
Central California, where the google_ad_width = 728;
subprime loans were most
plentiful. One out of seven homes google_ad_height = 90;
are under foreclosure in
Stockton, located in the central google_ad_format =
valley. "728x90_as";
In Las Vegas, Nevada, which google_ad_type =
experienced 48% appreciation on "text_image";
average in one year alone during
the housing boom, prices are google_ad_channel
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homes listed for sale on the
market are vacant. Las Vegas led google_color_border =
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activity for any metropolitan
area. google_color_bg = "FFFFFF";
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About the Author:
Mike Colpitts is the Editor of Housing Predictor. Get the latest on your market’s forecast and search real estate listings and foreclosures at http://www.housingpredictor.com
