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Inland Housing Market Hits No. 5 In Foreclosure Top 10
By JOSEPH ASCENZI
The Press-Enterprise
Friday June 13, 2008
The Inland region recorded the fifth-highest level of foreclosure activity in May among major U.S. metropolitan markets, according to an online foreclosure marketing firm. Riverside County recorded 9,024 foreclosure-related filings last month -- including default notices, bank repossessions and auction sale notices -- a 98 percent year-to-year increase, according to RealtyTrac in Irvine, which released its monthly foreclosure report Thursday. That represented one notice for every 81 households, RealtyTrac's monthly survey found. San Bernardino County performed only slightly better: It recorded 6,903 foreclosure-related filings last month, a 90 percent increase compared with May 2007. One in every 97 households in the county received a foreclosure notice of some kind last month, according to RealtyTrac. Steven Browers, a residential broker and owner of ReMax Crest in Riverside, said he doesn't see the Inland market turning around this year. "Every day I get more requests from banks to inspect properties that are going to be foreclosed on soon," Browers said. "I used to get one or two a week, now I'm getting one or two a day." California ranked second nationally in foreclosure-related filings in May, with 71,930, or one for every 183 households. That was an 81.3 percent year-to-year increase, according to RealtyTrac. For the second month in a row, regions in California and Florida accounted for nine of the 10 U.S. metropolitan markets with the highest number of foreclosure-related filings. In all, 230 markets were surveyed. California probably will lag behind most of the country in emerging from the housing slump, said Daren Blomquist, RealtyTrac spokesman. RealtyTrac still expects to see the national foreclosure rate trend upward for the next few months at least, with a turnaround not likely until late this year or early in 2009, Blomquist said. California's housing market might take a little longer to show improvement. "In California, we might have to get further into 2009 before we start to see things turn around," Blomquist said. "The California market has a lot more to correct. It had a lot farther to fall (when the market slowed) because prices there got so high so fast." California, along with the entire nation, continues to see its home prices fall, the result of too-permissive lending practices. "There were so many creative loans out there, but a lot of those loans turned out to be a bad idea," Blomquist said. "They were so widely available, but people didn't understand what they were getting into. If they could qualify, they thought it was a good idea to get one."
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Watch As Robert Kiyosaki And Mike Maloney Explain The Future Of The Dollar And How You Can Protect Your Wealth By Purchasing Gold, Silver, Real Estate And Other Hard Assets
Southern California Real Estate:
Riverside And
San Bernardino Counties
California Real Estate is currently in the midst of what will become the most severe and complex down cycle we have ever seen and you need an experienced Investor/Realtor on your side. You must be very cautious in every real estate transaction during the current down cycle. In 2006 the average household income for California was approximately $64,563 while the median home price reached $556,640 which was an outrageous and unsustainable price that was a multiple of eight to nine times the annual household income of the typical buyer courtesy of Zero Down, Stated Income Adjustable Rate Mortgages. Home prices are now in the process of returning to the norm which is a multiple of three to four times the annual household income of the buyer on Full Documentation loans. Do not get blindsided by predictable trends that often discourage and destroy the inexperienced First Time Buyer or novice investor.
Let me put my knowledge, experience and network into motion for you. I offer a free no-obligation consultation regarding any real estate transaction you may be considering. Call or e-mail me so that I might evaluate your current situation and help you determine what the best course of action is to meet your needs. Rest assured that your best interest is my primary goal and together we will decipher the best method to preserve your current wealth by exchanging it out of the rapidly devaluing U.S. Dollar. Once your savings is secure outside the U.S. Dollar we will utilize it through leverage to purchase Southen California Real Estate for pennies on the dollar relative to your retained wealth and grow your fortune exponentionally during the next cyclical real estate boom by purchasing property in the current market at major discounts courtesy of the ailing lenders. All situations vary so please contact me as soon as possible so that we can get started in planning and executing a strategy for you to benefit from rather than being victimized by the Federal Reserve through their thievery and monetary manipulation. Contact me by telephone at (909) 910-9618 or by e-mail at Info@PhilDeCarolis.com and feel free to utilize my website as your online resource.
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International Investors, Are You Looking For Move-In Ready Real Estate At A Discount??
Do You Want To Buy Cash Flowing Southern California Real Estate With Just 20-30% Down In U.S. Dollars? Are you looking for Move-In Ready properties in great rental neighborhoods? Do you want to receive monthly checks from your property manager that handles the headaches for you? If you do, I have just the answer. I have access to properties that are the Best Value in the market. These homes are completely renovated including New Paint Inside/Out, Granite Countertops, Stainless Steel Appliances, Berber Carpeting and Beautiful Landscaping. These properties are the most desirable homes available within $150-$250K range. These Southern California homes have been renovated by a well respected and highly recommended local developer/rehabber that stands behind his workmanship 100%. He has been in the business of rehabbing properties for 30 years so you can be sure that your investment property is in an extremely desireable location and that it was hand picked as an easy to market rental property for maximum tenant interest and very little vacancy . Don't wait!! Maximize your appreciating Non-U.S. Dollar currency NOW to control a low maintenance asset at an amazing price in a great neighborhood. Contact me Immediately if you are interested in purchasing one of these great low maintenance investment properties.
California real estate inventory is swelling quickly and lenders are being forced to sell bank owned properties at significant discounts. I can help you whether you are an investor looking to purchase discounted california real estate or if you want to get the best possible value on your Dream Home. Contact me via e-mail at Info@PhilDeCarolis.com , by telephone at (909) 910-9618 or sign up for my weekly newsletter that will frequently include great discount priced opportunities. Let my personal network of trusted and well-respected Real Estate Professionals ( Appraiser, Bankruptcy Attorney, Certified Public Accountant (CPA), General Contractor, Lender, Property Inspector, Property Manager, Realtor, Termite Inspector, Real Estate Attorney, Title & Escrow....etc.) help you build and maintain a solid foundation.
WHAT YOU NEED TO KNOW ABOUT
THE U.S. ECONOMY
Economist Peter Schiff On
Bloombergs' Open Exchange
December 13, 2007 (39 mins)
Let Me Help You Protect And Grow Your Wealth NOW Before It Is Too Late. Contact Me Right Away For A Referral To My Own Personal Broker With Euro Pacific Capital That Can Advise You On The Purchase Of Precious Metals (Gold, Silver, Copper, etc..), Soft Commodities (Coffee, Cotton, Sugar, etc....) And/Or Foreign Dividend Paying Stocks To Hedge Against Rising Prices And Your Loss Of Hard Earned Wealth. Join Me In Preserving Your Savings So That We Can Utilize Our Retained Purchasing Power To Purchase Discounted/Cash Flowing California Real Estate Assets At The Bottom Of This Downturn For Pennies On The Dollar That Will Rise In Value Dramatically During Californias' Next Cyclical Inflationary Real Estate Bull Market.
WHAT YOU NEED TO KNOW ABOUT
CALIFORNIA REAL ESTATE
Get Ready To Buy & Hold Cash Flowing California Real Estate While It Explodes In Price......Again!!
Soon it will be time to utilize your increased purchasing power from non-dollar assets to buy California Real Estate for pennies on the dollar in order to grow your wealth exponentially during the next cyclical inflationary Real Estate Bull Market. As in previous cycles (1971-1982, 1984-1989 and 1996-2005) since 1971 when President Nixon removed the U.S. Dollar from the Gold Standard, California has experienced cyclical inflationary real estate asset bubbles. I can help you prepare by maximizing my knowledge and your resources to build you a strong portfolio of highly desireable low maintenance cash flowing real estate assets that may dwarf prices we have seen in the recent past due to the absurd inflationary monetary policy of the FED. Our next boom in prices will result from unbelievable price affordability due to excess inventory, more stringent credit qualifying standards, high unemployment and lack of demand. These conditions will create a situation in which the median home in California will be very affordable to buyers throughout the country, including baby boomers, drawing in-migration back to California which causes a rise in demand and prices signalling builders to start building again thereby lowering unemployment and raising incomes causing yet another surge in prices.
California vs. U.S. Price Comparison
Median Sales Price Of Single Family Home
(Courtesy Of The Norris Group)
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Peter Schiffs' Speech At The Western Regional Mortgage Bankers Association Meeting
Click on the icon above to watch as Peter Schiff tells over 1000 mortgage brokers they are about to be out of jobs. Watch how he completely nails the coming real estate/mortgage debacle before anyone else even realized it was coming.
Click The Play Button
Above To Listen As Real Estate Expert Bruce Norris Interviews Global Economist Peter Schiff About The Future of California Real Estate And Economy
In this Interview recorded August 25, 2007 Bruce is joined by global finance expert, Peter Schiff with Euro Pacific Capital. Listen in as
they discuss the current market, its effect on the real estate market and the economy at large. Peter
talks about his book, "Crash Proof" and he also discusses savings in America and the misconception that homes negated the need to save. Peter also talks about trade deficits, China, the stock market, and the concept of the "soft landing."
(Mr. Schiff is one of the few non-biased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market in U.S. dollar denominated assets before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on the U.S. stock market, commodities, gold and the dollar, he is becoming increasingly more renowned. He has been quoted in many of the nation's leading newspapers, including The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News, The Miami Herald, The San Francisco Chronicle, The Atlanta Journal-Constitution, The Arizona Republic, The Philadelphia Inquirer, and the Christian Science Monitor, and has appeared on CNBC, CNN, Fox News and Bloomberg. In addition, his views are frequently quoted locally in the Orange County Register.)
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