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California Credit Crisis (FrancineH 258) If you're a California homeowner, chances are you're pretty worried about how the credit crisis might continue to affect your personal finances. Not only did California have the highest number of foreclosures in the nation in June 2008, according to RealtyTrac, but dropping home values have left many homeowners unable to sell.
And because a lot of people used the equity in their homes for everything from vacations to home improvements, many homeowners have been left with negative equity, owing more than their house is worth. The median price paid for a home in California fell in May to $339,000 from $484,000 a year earlier, according to DataQuick Information Systems.
Much of the credit crisis is related to the fact that during the real estate boom many people took out subprime mortgages to purchase their homes. If you're still carrying a subprime mortgage with an adjustable rate and are worried about foreclosure, it's important to talk with your lender to find out what can be done to help. Your lender may be willing to work with you to refinance your loan or take other steps to lower your payments. If your lender is unwilling to work with you, shop around to find one who will.
Some housing experts say that bargain-hunting investors are beginning to look for housing deals in some of California's hard-hit areas. But while it is a buyer's market because prices have dropped so much, if you don't have good credit and a 20% down payment, you may have trouble qualifying for a mortgage.
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