REO Properties Account For 34% Of California's Home Sales

ForeclosuresMass President and co-founder, Jeremy Shapiro New York's state Senate committee takes up the foreclosure crisis as Governor Paterson offers up his ideas to solve the problem. Most mortgage lenders say there are already things in place to ease the crisis, but advocates for people losing their homes beg to differ. A sizable group sat in on a Senate hearing where members discussed the Governor's Program Bill 44. Minnesota children are suffering because of the foreclosure crisis. They are being forced from homes that they have lived in most of their lives and more often than not have to move to new towns and new schools. All these changes can be very devastating for a child, but they are not taken into consideration when their homes are foreclosed on. REO properties are taking up 34 percent of home sales in California's and the numbers are rising from month to month. In April alone, California set a new record when 44,101 new notices of default were filed. The number of foreclosed homes in California sold at auctions has gone up to 22,838, an increase of 44 percent when compared to March.

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