Foreclosures soar
Foreclosures in the Greater San Fernando Valley area soared nearly
fivefold and home sales plunged to their lowest level in almost 20
years in October, a research center said Monday.Gregory J. Wilcox in the
Daily News.
As the credit crisis increases its choke hold on residential real
estate, the Valley's median house price slipped under its year-ago
level for the first time since 1997, said the San Fernando Valley
Economic Research Center at California State University, Northridge.
Last month lenders foreclosed on 414 properties, up from 84 in October
2006, as owners could not make monthly loan payments. The center said
the most likely reason for the jump in foreclosures was higher
interest rates making payments unaffordable, the center said.