Cheap Foreclosed Home for Sale Available in Nevada County
You can find a cheap foreclosed home for sale in Nevada County, California. Currently, the Office of the County Clerk has listed 280 residential units being readied for sale in an auction and 434 units in pre-foreclosure.
According to Jared Thao, the trustee agent holding the foreclosure auctions at the county courthouse, the asking prices for the foreclosed properties are being lowered because oftentimes, there are no bidders.
He added that there are always residents attending the auctions, but they are not bidding. He contended that many of those in the audience were just observing how the auctions are conducted because they are concerned about their own mortgages which are already in default.
According to the Office of the County Clerk, a total of 1,120 default notices have been filed in the county since January. Statewide, over 358,000 residential units have been auctioned this year, with around 57,000 units still unsold.
Thao also added that one of the reasons why oftentimes prospective buyers do not bid despite seeing a cheap foreclosed home for sale is the requirement that the foreclosed properties must be paid in cash or with a cashier’s check.
Gene Albaugh, city manager of Nevada City, said one of the key reasons for foreclosures in the county is unemployment. He said that while Nevada County is struggling with an unemployment rate of 11.3 percent, the jobless rate for Nevada City is even higher – 17.1 percent, which is a record rate for the city that has 3,000 residents.
Across California, the jobless rate has already hit 12.5 percent, indicating a total of 16.2 million jobless Californians.
In August, based on data from a foreclosure research firm, 95 default notices were filed in Nevada County, a substantial increase from filings in August last year.
Another reason for rising foreclosures in the county is the difficulty of homeowners in negotiating loan modifications with their banks. Lawyer Stephen Munkelt who is in default related that he has sent loan modification documents in March and up to now, his lender has not responded.
Additionally, many home loans provided to borrowers in the county are adjustable rate mortgages, which featured low initial monthly payments. Borrowers were made to believe that their houses will increase in value as their interest rates go up.
If you are considering buying a cheap foreclosed home for sale in Nevada County, visit the office of the Nevada County Clerk.
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