Correction: Foreclosures up 435% in the Valley
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Blogger’s note: Several commenters pointed out a mistake in the original post. The Realtor’s mortgage payment increased by $1,200, to $5,000 -- it did not increase from $1,200 to $5,000, as originally, and erroneously reported. The Daily News article was correct and clear; my summary of it was mistaken. This updated version of the post corrects the original mistake.
News item from today’s L.A. Daily News: ‘Foreclosures soared 435.5 percent in the San Fernando Valley last year as nearly 3,000 homeowners surrendered to higher monthly house payments brought on by rising adjustable rate loans, a research center said Tuesday.’
More: ‘A whopping 2,988 families lost their homes in 2007, up from just 558 in 2006, said the San Fernando Valley Economic Research Center at California State University, Northridge.’
Story quotes a Realtor -- yes, a Realtor -- who can’t afford her mortgage payments, can’t refinance, and is ‘desperate to sell’ her own home. Details: Realtor bought 2 1/2 years ago in Porter Ranch for $620,000, her monthly payment has jumped by $1,200 to $5,000, originally listed the home for $765,000, has dropped the price to $719,000.
Your thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com
Hat tip: Daily News via KNX radio
Photo credit: L.A. Times