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Marin Foreclosure Rate Drops
For the last couple of months foreclosures in Marin have declined by half, however, some experts are saying
that there may be more trouble on the horizon. The reason for the current decline can be
attributed to new California laws that have made lenders search for ways to find a solution with those facing
foreclosure and those efforts are beginning to surface.
Nearly thirty foreclosed Marin homes sold at auction last month compared to the forty-five Marin homes
auctioned in September. Default notices also dropped from a previous average of more than one hundred
homes a month for the last nine months. Notices in October went out to just over fifty homes and in September, the
number was even lower at forty-four.
The trouble on the horizon is being attributed to the fact that lenders are just lowering payments by dropping
interest rates, but home values are not being readjusted. This has some experts saying that this is, yet again,
another temporary solution and will cause problems down the road, where we might see a huge surge in foreclosures
by March of 2009.
Regardless of the number of foreclosures happening in Marin County, the Marin real estate market has one of the
lowest levels of foreclosures in California.
Marin Real Estate Blog
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