Despite strong efforts made by the mortgage service providers to assist the borrowers to keep back their real estate, the rate of foreclosure did not stop increasing in the third quarter. The condition of the economy is really bad and more number of people defaulted on their loan payments. The new foreclosures boiled down from June end to September end by 2.6 percent to 281,298 due to reasons like extended loan terms, low rate of interest, and state moratoriums on foreclosures. Still the rate of foreclosures in the third quarter went up by 8 percent to 127,738. The number of foreclosures that were under way went up by 11 percent to 617,642.

This increasing rate of foreclosure has taken place as many borrowers have failed to pay back their money. This includes also those who have drawn advantages from loan modifications. Over half of the loans that were modified in the first quarter have gone into delinquency after a period of six months. This by the end of September was due by over 30 days. One out of every five loans modified, was due by over 60 days after a period of three months, and 37 percent of them were 60 days delinquent even after six months.

Steve Bartlett, one of the members of Hope Now, said “Mortgage modifications work for people with incomes; it doesn’t work for people without income,” A report that has been collected from five thrifts and nine national banks shows that there are over 60 percent mortgages outstanding in US. It also shows that the quality of credit has gone down badly in all categories right from prime to Alt-A to sub-prime in the third quarter. The share of performing and current loans has dropped down to 91.47 percent by the close of the third quarter. This at the close of the second quarter stood at 93.33 percent.

According to economist Thomas Lawler a majority of the foreclosure reduction that took place during the quarter was mainly due to the state laws especially in case of California. It helped in delaying the process of foreclosure. Bartlett said that the real estate industry needs help from the federal government. In Bartlett’s own words, “If the federal government puts more money into mortgage modifications, we’ll have more mortgage modifications,” This plan is getting some force from the Chairman of the Federal Deposit Insurance Corp., Sheila Bair. This has however faced an opposition from the White House.

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With the increasing number of foreclosures, the number of homeless children is also increasing. At some places, it has been found that the number of homeless have increased by 50 to 100 percent. As more number of children is becoming homeless, this is putting a great pressure on their minds. It has been estimated that nearly 2 million children are running the risk of becoming homeless due to this real estate crisis. It has been found that in Oakland, having 38,000 students, the number of homeless has almost doubled as compared to the previous year. According to Mathew Uretsky, homeless coordinator of Oakland, the number of school going homeless children has gone four times high.

He said, "We find children in shelters who are just sitting there. Sometimes we find kids who aren’t in school right now because they don’t have bus passes. A lot of children of day laborers are not going to school because their parents don’t think they have a right to go." There are many families who are seeking help from their friends and relatives. There are many who are living in their cars or run down motels. According to a survey conducted in over 1,700 school districts, there has been a high rate of increase in the number of homeless students during the three months of the school year.

Barbara Duffield, executive director of the National Association for the Education of Homeless Children and Youth, said "Before this economic downturn, there was not enough shelter. That is, the safety net was badly frayed. Now, it’s got a gaping hole through which families who have never experienced this are falling." The number of homeless students is being tallied by the US Department of Education for the school year 2007-2008. The findings are really bad as the numbers are huge. The primary reason behind this is the increasing rate of unemployment and foreclosure.

Philip Mangano, director of the US Interagency Council on Homelessness, "You’ve got dramatic foreclosures plus a million job losses. We would have to be naive to believe that this wouldn’t have an effect on families already struggling, and it has." The advocates for homeless children are looking towards the Senate for an approval of $72 million emergency fund for the homeless children of DOE. The federal law demands the local and the state school agencies to provide transportation to the homeless children including other supports like books, meals, etc.

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Morgan Hill is not immune to foreclosure. One out of every 29 homes is in some stage of foreclosure there. Nearly 325 households went into foreclosure between January and October according to real estate expert Serdar Bankaci. The homes have either received default notices from the lender or are in some process of foreclosure. Last year there were about 149 foreclosure filings during the same period. This shows an increase of nearly 218 percent. In the month of October, about 13 homes entered into a process of foreclosure in Morgan Hill. This shows a decline from 19 in the month of September.

It has been found that the rate of foreclosure in northern California have come down by about 17 percent in the month of October of 2008 from what it was during the same time a year back. This credit can be attributed to the Senate Bill 1137 that was approved in the month of September. According to the terms of this bill, a lender is required to wait for about 30 days before they can file a default notice against a homeowner. A large number of people leave their property vacant and move up that ultimately becomes the dwelling place of thieves and drug addicts.

Isabel Velasco, a foreclosure victim, decided to buy a property for $642,000 with a $4,000 mortgage payment per month in 2005. His family consisted of five members whose earning was nearly $4,000 per month. She was said that the value of this property is going to increase in the next two years and her payments are going to drop down. After she put a call at her agent’s office for refinancing, she could not qualify for it as the value of property went down in her real estate area. She said, "We took everything we had to make those payments and we had no more money. I felt bad because now we can’t even find a place to rent."

A number of buyers have directed their attention to inland areas where there is a high rate of foreclosure and also depreciation rates. The home sales activity in the wider Bay Area in October was very fast and it was the fastest over the last 17 months. According to a data, the median sale price of home in the Bay Area dropped by 40.6 percent or $256,000 from what it was a year back.

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San Bernardino County has been found with nearly 42,356 homes under foreclosure. There are a large number of homes that have been taken over by the banks. Besides, there are also homes that have been scheduled for foreclosure auction. The homeowners of this county are in big panic as they are receiving more of default notices everyday. The value of property in this county’s real estate area over the last eleven months has declined by about 42 percent. Other than this county, the neighboring county of Riverside has also been facing the problem of foreclosure. These two counties have now entered the nation’s forefront in foreclosure crisis.

A plan has been launched on December 1 by the San Bernardino County Board of Supervisors. This plan is known as "bold economic recovery plan" by the officials. This plan aims at addressing the San Bernardino County foreclosures together with the mortgage problem. The officials of the San Bernardino County Board of Supervisors have agreed upon to enter into a contract with the Inland Empire Economic Recovery Corporation.

Inland Empire Economic Recovery Corporation is a non-profit organization that aims at stabilizing the neighborhood area of San Bernardino County. They will be doing this by purchasing residential properties facing foreclosure and after fixing them selling them to the potential buyers. During the third quarter of 2008, the Inland Empire was known to have one of the worst foreclosure scenarios throughout the nation. It is envisioned by the real estate experts that within the coming two years, nearly 240,000 homes will be entering the process of foreclosure in Inland Empire. Apart from that, it is also expected that the economy is going to suffer heavily as a result of foreclosure. This can be as high as $100 billion.

It is believed by the officials of the San Bernardino County that the Economic Recovery Corporation is one of the best ways to get done with those large numbers of residential properties, which were previously owner occupied but have been later abandoned by them. According to Paul Biane, Board of Supervisors Chairman, "Inland communities are becoming blighted, unemployment is soaring and demand for county provided social services is on the rise as a result of this unprecedented economic crisis,"

Biane and Brad Mitzelfelt have been selected by the Board of Supervisors to work on the Inland Empire Economic Recovery Corporation board. This will be functioning under Brown Act open meeting laws. Invitation has been given to local cities as well as the County of Riverside. Mitzelfelt said, "We are absolutely committed to solving this crisis before it spirals any further out of control."

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Good news has arrived for the real estate region of Solano County. The rate of foreclosure per household is decreasing in this county. However, this is not completely good news for Solano as the rate of foreclosure is even then in a very bad condition as is the case with other places. According to some experts, this condition is going to become fine with the advent of the next year. According to one of the real estate experts, Serdar Bankaci, the rate of foreclosure in Solano County is nearly 8.54 percent. This figure is almost four times higher than the average nationwide, which stands at 2.5 percent.

The State Employment Development Department has put forward that the economy of Solano County is not in a good shape. It has been found that the rate of unemployment is approximately 7.7 percent. This however does not make Solano County the worst foreclosure affected real estate area of California. According to Bankaci, Riverside owns the credit of this dubious honor. The rate of foreclosure in Riverside was about 12.12 percent a year back. In the month of January 2007, the number of foreclosed households in Solano stood at 224. In the last August month, this number grew to nearly 1,528. A month back, the county had a total number of 759 foreclosures.

According to a data, the total number of foreclosures in Solano County over the last 12 months was 12,531. Bankaci has a feeling that this problem of foreclosure is likely to get worse before it starts improving. He said, "The reason we see the slowdown last month is the new law California passed, requiring a 30-day notification period. But this only postpones the inevitable in most cases, and we’re already seeing an increase again in foreclosures in October." Lori Collins, president of Solano Association of Realtors agrees with the assessment of Bankaci. However, she believes that the rate of foreclosure is going to remain low during holidays.

However, even if the sales activity goes up, the value will continue to fall in the Vallejo area as well as all throughout the state. Bankaci said, "In some areas of northern California, including Solano County, we have seen home prices fall between 30 and 40 percent. I think things will continue to get worse for about three to six more months, before we see the area hit bottom and begin to recover." Any kind of planned intervention from government won’t be able to make an instant effect.

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San Diego County has witnessed a decline in its rate of home foreclosures in the month of October. There has been a decline of nearly 37 percent from what it was in September. According to the real estate experts, it won’t be right to comment that this decline means that the crisis in the housing market has been able to touch bottom. This decline may be due to the efforts made by the lenders for modifying the troubled loans. Apart from that another reason for this decline may be the enactment of Senate Bill 1137 that says that the lenders have to take further measures so that the borrowers can stay in their homes.

This bill that was signed in July was not put into effect until September 8. Analyst Andrew LePage has said that this decline in the rate of foreclosures may be something that won’t last for a long time. A majority of the loan modification programs aims at concentrating on bringing down the payments by lowering the rate of interest. It has been found that the foreclosure sales in October statewide have declined by 39 percent from a month ago. There were about 1,144 foreclosures in San Diego County in the last month. This is a decline of approximately 37 percent from September and also an increase of about 38 percent from October, 2007.

There were a total of about 1,112 default notices in the month of October. This shows a decline of about 8 percent from the month of September and about 47.5 percent from the month of October of 2007. The decline in the value of homes arising due to foreclosure although have made a large number of people homeless, but this is being enjoyed by the first time buyers as they could now purchase real estate at a much affordable price.

A spokesman for the California Mortgage Bankers Association, Dustin Hobbs said “It’s unclear whether we’ll see a meaningful, permanent reduction in foreclosures as a result of recent changes in the state’s foreclosure process and lenders’ efforts to modify more problem loans. One possibility is that all of those things combined will simply delay a lot of foreclosures, in which case we would see foreclosure filings spike in the months ahead.” Real estate expert Sean O’Toole has said that although modification is being done on home loans but it might not be capable of being sustained.

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Ventura County has been able to get a foreclosure fund aid of $3.8 million. This fund will help a lot the distressed homeowners in fighting with this real estate crisis in their region. This fund is a part of the $4 billion emergency funds of federal housing authorities. It will aid the cities in purchasing vacant homes and foreclosed properties. Apart from that, it will also help in rehabilitating them. This will in turn bring stability in the housing market and stabilize the neighborhood. According to the deputy director of Housing and Community Development Department, Chris Westlake, the $137 million fund that will be used statewide will surely bring a difference.

Westlake has further said, “Unfortunately, it’s not enough because the crisis is so huge,” The Ventura County along with its cities however failed to qualify for the first pot of money that was awarded by the federal officials. This money was awarded to the locales that were heavily hit by foreclosures, subprime mortgages, and delinquencies. The highest amount has been awarded to Oxnard. It is eligible for a fund of $1.4 million. The remaining county has been able to qualify for an extra $2.4 million.

A few of the community leaders of the county of Ventura in the earlier part of this year delved their hands into making an extensive study on the probability of purchasing those properties facing foreclosure. They aimed at transforming these foreclosed properties into homes for the homeless people, a mean to provide them shelter. According to Westlake, that is likely going to be a permissible usage of the fund. He said that the cities need to make their submissions in the month of January thereby furnishing the ways of how they are going to use the fund. He even hoped the applications to get approved within a span of 30 days.

Hugh Ralston, who is a nonprofit executive, said that the local effort has been able to bring down the crisis in the banking sector, crisis in the real estate area, and affordability issues. He has also said, “This was all a conversation before the banking system freaked out. While you’ve got declines in property value, I haven’t seen them decline to the level they’re actually affordable for the kind of structure you need for a shelter. There’s not a sweet spot yet.” People in Ventura County are quite expectant about a change in the real estate after they get the fund.

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San Benito County has undergone some sort of foreclosure activity on its 249 homes in August. This shows an increase of nearly 207 percent from what it was during the same period last year. This is almost a 62 percent hike from the figure that appeared in the month of July. A total of 1,053 homeowners have received a default notice on their real estate property.

San Benito County ranks seventh among the 58 counties of California in its foreclosure filings. The rate of foreclosures in Lake County has increased by 2,340 percent and by 13 percent in Sacramento County. The rate of foreclosure activity has increased all of a sudden in a big way hitting hard the real estate industry. About half of the properties facing foreclosure in the San Benito County are bank owned.

People in the county who are facing the problem of home foreclosure have a ray of hope as the local and state politicians are trying hard to get them some relief funds. According to CJ Valenzuela, who happens to be the coordinator of the housing programs of San Benito County, “I work with local agencies, community groups, businesses, and I do a lot of research and I know that there has been a huge negative effect on this community. There are safety and health issues dealt with by the code enforcement office, financial issues the lenders are experiencing, abandoned swimming pools monitored with vector control … countless effects.”

Valenzuela strongly believes that the prevailing real estate crisis is due to the lack of people’s knowledge on finance and also the poor lending practices. He is making an application for grants from Community Development Block Grants for various housing developmental activities in San Benito County. Enrique Arreola, who is the deputy director of community services and work force development, said that they are trying to arrange for workshops to help the distressed homeowners.

The foreclosure has left the economy in a very bad condition. The number of unemployed people has increased. The price of energy has gone up leaving the people into serious trouble. Valenzuela has said that once they get the grants, they will immediately make their move to help out the distressed homeowners facing foreclosures. What is needed is a financial education to the homebuyers-both the distressed ones and the new ones. The agencies of Arreola and Valenzuela are tying up to provide such an education.

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Monterey County has recorded that about 63.1 percent of the properties sold in August were a foreclosed property. The county real estate had a huge rate of foreclosures last month. The properties sold in August last year comprised only 7 percent of foreclosed properties. The median sales price for homes in Monterey County in the month of August was $299,000. It shows a decline of nearly 48 percent from what it was last year during the same month. The median sales price in July was $307,000. The decline in price of homes has made a large number of first-time buyers to buy homes that would have been otherwise impossible for them to buy.

The sales activity in the month of August in Monterey County was 74.6 percent higher than the figure last year during the same period. This included a total of 398 sales which had both new and old condos and single-family homes. The total sales activity in the county last year August was 228. Today, the Monterey County has become a very affordable place to buy a property, which people could not think of a few years back. Foreclosures are increasing and price of homes are falling at the same time in the county.

Real estate expert Sandy Haney has said, “Historically, we are always one of the least-affordable areas. We’re not on that list anymore. We’ve moved someplace that I didn’t think we’d ever go.” A large number of investors are also coming up to take the advantage of this situation. They are buying the properties at much cheaper rates. There is a stiff competition among the buyers in this foreclosure market. They have started to bid on multiple properties at a time. The percentage of households which could have afforded to buy only an entry-level property in Monterey County has increased to 40 by the close of the second half. It was 17 in the second half last year.

Once it used to take about a month or even more than that to have a prospective tenant for a rental home. However, these rentals are having their filings much faster due to the fact that more number of applicants is contending for a single rental property. As Cryder puts it, “The rental business is huge these days. We can’t keep anything.” Though foreclosure is a big hit to the housing market, but it is proving highly beneficial for the first time buyers.

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The increase in the number of foreclosures in California this August has led to a decrease in the prices of home. This has in turn increased the number of home sales activity. In August, it has been observed that nearly 37,988 pre-owned and new homes got sold throughout the state of California. This shows an increase of 3.8 percent from the figure of July and also a 13.6 percent increase from what it was in August, 2007. Though foreclosure activity affects the real estate of an area badly, but in California the first time buyers are especially finding it a great opportunity to buy homes and that too much below the market value.

It has been seen that about 46.9 percent of the properties that got sold in August were facing foreclosure on them. This prompted the median home price throughout the state go down to $301,000 from 35.3 percent in August. The housing crisis had badly hit the foreclosed homes of the inland regions. According to president of a Prudential California Realty, Rich Cosner, the reduction in home prices has attracted a large number of buyers in the region. Spokesman Andrew LePage has said, “It’s the counties that have these large pockets of distressed properties where prices have plummeted”.

There has been about 31.8 percent decrease in the median home price in the San Francisco Bay Area in August as compared to the figure last year during the same month. It dropped from $655,000 to $447,000. Last month, about 7,232 condos and new and resale homes got sold in the county area comprising of nine counties in total. This shows a decrease of 0.9 percent from what it was in the month of August of 2007.

Sen. Barbara Boxer, D-California has said that the state got only about 11 percent extra on the available $130 million for negotiating between the distressed homeowners and the lenders. This is quite low in comparison to the number of California foreclosure that accounts for over a quarter of the US foreclosure filings from January to July, 2008. The funds for it got authorization in July as a component of the housing bill.

Boxer in a letter to the fund distributing agency’s administrator wrote “The communities hardest bit by the foreclosure crisis deserve our priority attention,” The increase in the number of foreclosures in California has led many to raise their voice against the federal government saying that the distressed homeowners are not getting the required help to get away with the real estate mortgage crisis.

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