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Mountain Enterprise: "Foreclosures May Not Impact Mountain As Badly As Bakersfield"

The Mountain Enterprise. "Kathy Flick's job is to compile all the notices of default that are recorded with Kern County each month when people stop paying their mortgages. Flick predicts the rate of foreclosures in the Mountain Communities is apt to be far lower than that occurring in Bakersfield because there were not ‘overnight subdivisions' being built here.”

"‘Its extremely bad right now,' Flick said. ‘We are running 50 defaults per day. There are 500 defaults a week since last December. It just keeps going on and on and on. Most of it I truly believe were the loan products that asked for nothing down and now they have gigantic payments they have to come up with.'”

"Local realtors may disagree.

‘Our rate may be far lower than Bakersfield, but it is much higher than any of the years I have been selling up here since 1991,' commented Gary Wilson of Mountain Properties. ‘I guess you could say ‘on aggregate' that their pain is more than ours, but we have lots of pain to go around.'”

Realtor 1: "Dude, you're a total noob --I've got 300 foreclosures in my neighborhood this week alone!"

Realtor 2: "Oh, yeah? Well, our foreclosures are sooo many, if you stacked them all end-to-end, they'd reach to the moon and back 10 times!"

I guess txchick57 was right. Broke really IS the "new black".
What a difference a year makes, no?

HARM

#housing