California ranks second in the nation for foreclosure filings. The city of Stockton posted one foreclosure for every 31 households in the third quarter of 2007, the highest foreclosure rate among the 100 largest U.S. metropolitan areas in that period.
Relief could be on the way for weary homeowners. If elected, Hillary Clinton has proposed a 90-day moratorium on foreclosures and a five-year freeze on interest rates, while rival Barack Obama of Illinois has proposed a $10 billion foreclosure-prevention fund. John McCain has urged more transparent mortgage documents.
Relief has and will come too late for many families. With home prices falling and rates on adjustable rate mortgages rising, many have already been forced into foreclosure.
When buying a home, and specifically taking on a large loan, everyone should take the time to understand the market as well as the terms of the loan. Foreclosure affects the whole family.
In the bookstore: Avoiding Foreclosure
On the web: Tips for avoiding foreclosure (HUD)
Tags: foreclosure, stockton California
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