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Report: Central Valley leads nation in foreclosure risks DURHAM, N.C. December 20, 2006 6:08am • Merced ranked most risky • Nationally, 2.2 Million borrowers face foreclosure on subprime loans Holders of so-called “subprime” mortgages are in danger of losing their homes, especially in the Central Valley, according to a report from the Center for Responsible Lending. As much as $164 billion in mortgages is at risk due to foreclosures in the subprime mortgage market, it says. With 25 percent of the mortgages issued this year being subprime, Merced County ranks as the nation’s most risky area for foreclosures, according to the report. Other Central Valley areas are not much better, it says. Bakersfield ranks second in the nation; Fresno is fifth; Stockton is seventh and Visalia-Porterville is 13th. http://bakersfieldbubble.blogspot.com
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