RealtyTrac, a website that tracks foreclosure properties in the U.S., recently listed Modesto and most of Stanislaus County as two of the highest concentrations of housing foreclosures in the nation. Based in Irvine, California, RealtyTrac aggregated housing data at the state, county and city level to develop statistical reports for housing units that received a foreclosure filing in June 2010.
According to the data, the city of Modesto averaged foreclosures on 1 in every 117 housing units in June. The average for Stanislaus County was even higher, averaging 1 in every 99 housing units. By comparison, the state of California as a whole averaged foreclosures on 1 in every 194 housing units and the national average was 1 in every 411 housing units.
While other states are slowly experiencing economic improvement, the state of California continues to see a rise in unemployment, foreclosures and debt. From June 2009 to June 2010, Google Data reports that the unemployment rate in California rose from 11.6% to 12.2%. In addition to those who have already experienced foreclosure, there are countless homeowners who are on the verge of losing their homes by year's end due to continued unemployment and underemployment.
Bankruptcy May Be An Option to Stop Foreclosure
If you're facing foreclosure, a professional bankruptcy attorney may be able to help you save your home. Chapter 7 or Chapter 13 bankruptcy give homeowners options when it comes to financial restructuring and dealing with overwhelming bills. While bankruptcy isn't ideal for everyone, consulting a lawyer can help you make an educated decision about your choices.
