According to Bloomberg if you bought a home in Stockton, Merced or Vallejo-Fairfield area in the last five years, you have a 90% chance that you are upside-down on your mortgage. If you own a home in the Inland Empire (Riverside-San Bernardino), Bakersfield, Yuba City, El Centro and/or Madera, you have a 80% chance of being upside-down on your mortgage.
Then there is a warning about the future of property values and the impact of foreclosures contained in an article from the Fresno Bee. The warning points to the impact of interest only, teaser rate, liar loans originated from 2003 to 2006. Most of the loans made during this period were these easy-to-obtain loans. All of these loans will be resetting starting this year and through 2011. Virtually all of these borrowers are currently upside-down on their mortgages. How many of these borrowers will stick around to pay a mortgage payment that doubles on a home that they are upside-down on? The foreclosures throughout California have just started.
It is 11:00 p.m. where is your property tax assessment?
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