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An Article
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Murrieta leads county in homes lost to mortgage crisis
January 27, 2008
By
Zack Fox
(View author info)
Copyright North County Times
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| Murietta, California - In 2007, one of every nine Murrieta homes entered foreclosure -- more than anywhere else in the county (Riverside County, California) , according to data from RealtyTrac, a foreclosure tracking service, and the Southern California Association of Governments. -- A full 80 percent of the area's 35 December home sales were bank-owned homes the result of foreclosure. The main cause of Murrieta's foreclosure crisis, real estate agents and homeowners say, is extensive development that attracted first-time buyers into brand-new homes. A common cause links many foreclosures: The decline in prices and lack of buyers prevents distressed homeowners from selling property before they become delinquent on their mortgages.
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