Foreclosure update

Just in case anyone thinks the situation is improving, here are some of the facts. In Butte, Glenn and Tehama Counties there are currently 436 foreclosed properties. Thee are 1541 properties with default notices filed, including those with auction dates set. That's a lot of personal tragedy, a lot of economic disruption, and certainly a tremendous influence on housing prices. The government continues to intervene by bailing out banks, shoring up mortgage debtors, tinkering with interest, and generally slowing down the process of returning the markets to normalcy. What should have been a short surgical failure for those institutions and individuals that gambled and lost has become instead a drawn out affair while the world waits to see which of the culprits will be rewarded by the power players, and which "allowed to fail". The economy, and all of us, can only twist in the wind for just so long. Despite the occasional blip in housing prices, or the report of a slight decline month over month in foreclosures, the trend for values is down and the trend for foreclosures is up. We must deal with it and hope that some sanity will appear in Washington, an unlikely prospect with this administration and Congress.
If there is a bright spot it is for the prudent and still employed among us who are in a position to take advantage of the very low interest rates available. There are a large number of adjustable mortgages due for reset in the near future and this is a great opportunity to get into a fixed rate program. When the lid is removed the expectation is that rates will move up fairly sharply, and while not a certainty, it would be silly to bet against it. For buyers intending to keep their home for a substantial period it's probably a pretty good time to consider buying. There are some attractive bargains out there, and even though prices will possibly decline further, the attractive interest rates are not likely to be repeated any time soon. My crystal ball is imperfect, but those are my thoughts.
Naturally we'd like to be the agent to help in any of the above activities, buying, financing, refinancing.
As usual
Thanks for visiting.