Riverside County is in California and is located between Orange County and the Colorado River. It is included in the Riverside-San Bernardino region – popularly known as the Inland Empire. The desert dominates the scene here.
Today Riverside County Bank Repo homes dot the scenery vying with the desert for dominance. Many workers from Los Angeles had moved over to this county because of reasonable housing benefits. In tune with the demand for housing a number of development works began. Many believe that this extra housing activity exceeding demand led to the housing boom followed by the burst. This is said to be one of the primal causes for Bank Repos. The housing demand led to the construction of a number of roads from the 1990’s. The cities of Temecula and Murrieta have shown 20% increase in population from 2000 to 2007. But today with the sharp rise in Bank homes people have started leaving California.
Riverside County Bank Repos are those houses that have been repossessed by the banks after having gone through the foreclosure process. When court auctions fail to attract buyers then the banks repossess the houses. There has been a spate of Bank homes.
Some say that the increase in numbers of Bank Repo homes in Riverside is because of population discrimination. In Riverside only 6.24% are Blacks (2000 census). 67.2% spoke English and this may account for those who were weak in the language to be targets of predatory lending. The sub-prime mortgages with floating interest are largely held responsible for the increase in Riverside foreclosures.
An increase in foreclosures invariably lead to a rise in Repo homes because considering the mood of the market most of the houses fail to make it at the auctions. Towards the end of January Riverside topped the list of foreclosed houses in the country. There was a jump of 191% from what it was a year ago. The foreclosure rate was an alarming 1:23.
In August 2008 the situation is no better with foreclosure numbers doubling from what it was the previous year. Broadly speaking the numbers take into account all the houses suffering from the blight of foreclosure irrespective of the specific stage in which it lies. In July there were a total number of 8,272 foreclosed houses. Considering the trend of the market these would land up as Bank homes in Riverside. It calculates to an increase of 123% from July 2007. The number of Riverside ssessed homes is not surprising considering that California continues to hold one of the top positions in the national foreclosure race.
In July 3,812 Riverside County Bank Repos were auctioned this year in comparison to 3,213 in June. In July 2007 1,200 Bank homes had been auctioned according to ForeclosureRadar.
Kevin Simpson, has been working on eRepoHomes.com studying the foreclosures market, helping buyers on the finer points of Bank Repo Homes. Try to visit eRepoHomes.com and find all related information about Repossessed Homes.
[tags]Riverside bank repo homes, bank repo homes, California bank repo homes, Riverside bank repos[/tags]
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