Tuba Guy\'s Blog Site

Home loan foreclosure rates have been sky high all across the US, but certain states have experienced a much larger percentage share than the rest of the country, and California has been on of the unlucky states.  Part of the problem stems from the explosion in California home prices from 2004 through 2007.  People were purchasing homes and refinancing their mortgages to the hilt with short-term adjustable rate mortgages.

The feeling at the time was that home prices would continue to rise forever, and one could easily refinance their mortgage before the payment adjusted upward.  Unfortunately for many in California, the housing bubble burst and mortgage refinancing options were no longer available as they became upside-down on their home loan.  Mortgage lenders have revamped their qualification criteria to avert this problem in the future, but it is hurting many homeowners in the meantime.