With California topping the nationwide foreclosure race it is little wonder that Riverside County foreclosures are increasing. Riverside County is located in the southeast part of California State. It is one of the badly battered foreclosure zones. Riverside County stretches from Orange County to the Colorado River that marks its borders with Arizona. The county is part of the region known popularly as the Inland Empire. The seat of Riverside County is the city by the same name. Riverside County foreclosures are dominating the scene both in the city and the state.
The term ‘foreclosure’ includes all the stages of the judicial process including default and sale notice as well as bank repossessions. Since the last two years jumbo-sized foreclosure numbers across USA have grabbed headlines. Riverside County foreclosures are following the trend.
Geographically the county is arid desert and Riverside County foreclosures are drying up the strength of the region, sapping the energy of the residents. Lying close to San Bernardino and Los Angeles many workers had shifted to the area following a dream of living in houses of their own. But in the wake of the sub-prime mortgage crisis Riverside County foreclosures have turned the dream into a nightmare.
The rate of Riverside County foreclosures has suffered their worst spell of increases (191%) from 2006 to 2007. During this period there had been 29,826 Riverside County foreclosures. Nationally 1.29 million houses were reeling under foreclosures marking an increase of 75% having a foreclosure rate of 1:97. In April prices of Riverside County foreclosures houses dropped by 3.4% in just a month. This has been rate of decline year-by-year. In November 2006 the average price of Riverside County foreclosures houses was $5,00,000 and in November 2007 the price of Riverside County foreclosures dropped to $4,33,000. During the first quarter of 2008 there has been no change in the average sale price of Riverside County foreclosures. During the first quarter of 2008 Riverside County foreclosures was 161% higher than that of the first quarter during the previous year. There were 15,022 Riverside County foreclosures. The median price of houses in October 2007 was $344,370. In February 2008 it was $307,500.
In April 2008 there was an increase in foreclosures of 115% from April 2007. There were 7,966 foreclosure notices – only 6 more than the previous month. The figure exceeded that of April 2007 by 4,000 units. The rate of foreclosures in Riverside County was 1.92. A year ago it was 1:188.
