California Foreclosures Drop To 7-Year Low - Philadelphia News, Weather and Sports from WTXF FOX 29

Saving the California Dream

California Foreclosures Drop To 7-Year Low

Posted: Updated:
Los Angeles, CA -

(FOX 11) A DataQuick research firm report shows good news for California's housing market, as default notices drop to a 7-year low.

The company credits an improving housing market, California's tough new regulations ("California Homeowner Bill of Rights") and an improving economy.

But FOX 11's financial analyst, Neeraj Chaudhary, credits a "mini bubble."

He tells investigative producer Heidi Cuda that with "real" unemployment numbers still high, California's woes are not over.

"Ultimately, we're creating a mini bubble like we had several years ago based on very low interest rates," says Chaudhary, an investment consultant with Euro Pacific Capital. "It's not gonna be sustained because the real economy is basically in a depression. There's very high unemployment, above 20 percent when you look at the underemployed and discouraged workers who've stopped looking. When people don't have income, they can't buy a piece of property."

 

 

 

 

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