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People in Business: A who's who for July 3 Windows Vista vs. Windows XP Foreclosure PSAs Fresh Apple Fries Yet another airline flying away Housing market in a slump? You decide with our home sales map People in Business: A who's who for June 27 McAllister Ranch: Golfing with weeds In search of far-flung commuters Yard sale deals January 08 February 08 March 08 April 08 May 08 June 08 July 08 Contact us with your news and information: Team leader: Christine Peterson, cpeterson@bakersfield.com, 395-7418 Assistant team leader: John Cox, jcox@bakersfield.com, 395- 7345 Reporters: Courtenay Edelhart, cedelhart@bakersfield.com, 395-7372 Vanessa Gregory, vgregory@bakersfield.com, 395-7379 Jenny Shearer, jshearer@bakersfield.com, 395-7234 Gretchen Wenner, gwenner@bakersfield.com, 395-7368 
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Kern foreclosures hit new high
Here's Gretchen Wenner's latest report on the market: Foreclosures reached another new high in Kern last month, according to the latest report from the Kern County Recorder’s office. The monthly tally shows 586 properties foreclosed in February, up from 512 the previous month and 107 in February 2007. Default notices, meanwhile, arrived at a steady pace despite the short month, with 1,177 recorded. That’s just two more than January’s count, but more than double the 502 sent out a year ago. Property transfers, loan originations and mortgages paid off increased slightly in February from the previous month — all numbers were in the 2,000 to 2,500 range — but dropped from a year ago, when those numbers ranged roughly between 3,800 and 5,500. Gretchen has collected several charts and graphics you can see here. 3 comments from 3 users
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posted by
anglo1
on Mar 4, 2008 at 07:20 PM
Has this impacted the rental rates throughout Bakersfield? I was thinking of renting my previous house [now a second home] and thought I new approximate rates but I don't think I do anymore. Can't see trying sell right now. posted by
tonyh
on Mar 4, 2008 at 07:36 PM
Hey Dale, you're right. Don't try to sell your hose right now. Rent is up these days, because people need places to live. Even if they lose their home to foreclosure, they usually still have enough income to pay for someplace to live. With credit requirements getting tighter, a person with a mortgage default on their record won't be buying a home any time soon. That doesn't mean that they can't afford to lease a home. Wait for the Real Estate market to pick back up before you think about putting that house on the market. posted by
lynchracing9
on Mar 6, 2008 at 06:23 AM
Wait for the real estate market to pick up, around summer of 2011, then the market will have corrected and you will see a increase of prices up to 2002 levels before the Bubble started. Until then you are out of luck, try browsing the forums that have experts related to the real estate market and not the Cheerleaders that will mislead you into costly mistakes, a few good forums..... http://www.zillow.com/forum... http://implode-explode.com/... Your welcome...
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