California Home Foreclosure Statistics
Attorneys Helping You Understand Bankruptcy Laws and Foreclosure Trends in California
California is among the states hardest hit by the sub-prime loan and foreclosure crisis, yet stories in the news about the foreclosure problem vary. At Sobti Law Group, we think it's important to understand the nature and scope of the foreclosure crisis in California as you decide whether foreclosure is an effective and strategic option for you and your family.
The magnitude of the California foreclosure crisis is reflected in annual foreclosure rates.
- 169,831 houses were foreclosed upon California in 2007
- 263,000 houses were foreclosed upon California in 2008
- 632,573 houses were foreclosed upon California in 2009
Total foreclosures for 2010 in California are not yet available, but are expected to match or exceed the figures from 2009. The number of foreclosures in 2011 is forecasted to be the highest yet and will likely set a record before the year is over. The bottom line is that we all know that the end of the foreclosure crisis is not yet in sight.
Foreclosure, though, is just one way to rid yourself of home ownership when debt becomes unmanageable or when mortgage debt greatly exceeds a home's value. Loan modification, Chapter 7 and Chapter 13 bankruptcy, and short sales can also reduce a mortgage payment or dispose of a house without the negatives of foreclosure, which include:
- A strong hit to your credit score
- The inability to buy another house for three years
- A possible debt obligation to the holder of a second mortgage
At Sobti Law Group, we have helped hundreds of individuals and families facing foreclosure in the Inland Empire and across Southern California. For more information, contact us at our Beaumont, Corona, Riverside, San Bernardino, Chino, Orange, Rancho Cucamonga or Palm Springs office.
Contact Us
The Orange debt reduction lawyers of Sobti Law Group offer free consultations, are available for Saturday appointments by request, and speak English and Spanish as well as Armenian, Russian, Arabic, Persian, Hindi and Punjabi. To contact Sobti Law Group or U.S. Law Center, call 888-627-8013.
