San Diego Home Foreclosures Rising
According to an article on NBCsandiego.com, home foreclosures in San Diego are on the rise. The article states that “Virtually every neighborhood in San Diego County has dozens of homes in foreclosure.”
Why so many home foreclosures in San Diego? Exotic loans are to blame in this article:
“The surge in foreclosures is being blamed on exotic loans that were introduced in the real estate market in 2001. The loans created a false market, and thus many people now can’t afford their homes.”