Sacramento Area Foreclosures

The recession continues to negatively reverberate through the economy. With unemployment continuing to rise, a new wave of foreclosures are coming, no job -> no money -> no mortgage payments -> foreclosure.

The article details the Sacramento area foreclosure rate and how that community is working through the problems. This is not a feel good article.

The Sacramento Bee: Rising inventory of troubled homes could spur fresh wave of foreclosures

As the 2009 summer sales season begins with repos accounting for two-thirds of sales in Sacramento County, no one is certain whether nearly 18,000 new troubled homes will actually come onto the market.

But O'Toole believes that banks also kept foreclosure losses off their books while preparing for recent "stress tests," and are still awaiting a federal plan to unload their "troubled assets."