"A ZIP code analysis of Bay Area default notices showed that many of the biggest increases were in higher-cost areas. Foreclosure-ridden towns such as Antioch still had high concentrations of defaults but they decreased slightly from last year. Meanwhile, such affluent Contra Costa County towns as Walnut Creek, Lafayette and Danville saw significant rises in default notices, though the numbers still were relatively low."
"San Francisco resident Joe Dam and his brother and sister owe $770,000 on their Sunset District home. In early 2008, their adjustable-rate mortgage payment rose from $4,000 to $5,300. The family put the home on the market and received no offers."
"We always hope for the modification," Dam said. The lender was "not willing to look for a realistic solution, but rather (willing to) take a $250,000 loss on a short sale."
invite response
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/07/23/BUT518TD8O.DTL&ref=patrick.net
"A ZIP code analysis of Bay Area default notices showed that many of the biggest increases were in higher-cost areas. Foreclosure-ridden towns such as Antioch still had high concentrations of defaults but they decreased slightly from last year. Meanwhile, such affluent Contra Costa County towns as Walnut Creek, Lafayette and Danville saw significant rises in default notices, though the numbers still were relatively low."
"San Francisco resident Joe Dam and his brother and sister owe $770,000 on their Sunset District home. In early 2008, their adjustable-rate mortgage payment rose from $4,000 to $5,300. The family put the home on the market and received no offers."
"We always hope for the modification," Dam said. The lender was "not willing to look for a realistic solution, but rather (willing to) take a $250,000 loss on a short sale."
Break out your violins people...
#housing