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Real Estate News Releases
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(EMAILWIRE.COM, January 24, 2007 ) SACRAMENTO, CA – California had the second highest total number of properties entering foreclosure in the nation in December of 2006 according to RealtyTrac. A total of 12,623 properties entered the foreclosure process in the state. This figure reflects a drop from the month before, but a staggering 65% higher rate than reported in December 2005.Colorado had the highest rate of foreclosures in the nation, and California ranked 14th in the rankings with one property entering foreclosure for each 968 homes. Texas was the only state in the union that had more properties enter the foreclosure process than California.Sacramento based real estate investor Patrick McGilvray, J.D., President of http://www.TheHomeBuyingCenter.com in response to this news, commented, “November 2006 saw a record number of properties entering foreclosure in our market. I suspect that many lenders will continue to start foreclosure proceedings in 2007 because there are many new and existing homes on the market and holders of adjustable rate mortgages are seeing their payments increase, sometimes dramatically. These situations combine to create a real estate market in which people who need to sell a house quickly cannot do so without suffering a financial loss. Many people, sadly, end up letting the banks foreclose on their properties.”Even though California’s foreclosure rate jumped 65% over 2005 it far outpaced the nation’s increase of 35% for the same time period. The total number of properties that entered the foreclosure process nationwide was 109,652.Contact:Patrick McGilvray, J.D.pm@thehomebuyingcenter.comTel: 916-920-3278
Patrick McGilvray, J.D.
pm@thehomebuyingcenter.com 
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