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(EMAILWIRE.COM, July 14, 2007 ) SACRAMENTO, CA – For people who want to buy a house in the state capitol of California now may be a great time to find a bargain, but for those who want to sell their house the market is not even close to ideal. Sacramento’s 95823 zip code, in the Florin district, last month earned an unfortunate distinction as the hardest hit area in Califorina with 634 notices of default, home repossessions, and trustee sale auctions. Even the “we buy houses” companies are looking to other markets around the nation as property values continue to decline and they are unable to find bargains.“We’ve had many, many calls from people in the Sacramento area who are desperate to sell their houses fast because they’re behind on their mortgage payments. Almost universally, they bought their homes in the last three years and used an adjustable rate mortgage that spiked once their rates reset,” commented Patrick McGilvray, President of http://www.TheHomeBuyingCenter.com. “Unfortunately, even though we’re a nationwide company of real estate investors who buy homes from people who are motivated sellers, our team is not able to help everybody who is trying to avoid foreclosure. Oftentimes we help people negotiate a short sale with their bank, but sometimes we are in too much of a time crunch or their lender is unreasonable and would prefer to foreclose,” he added.Nevada, Ohio, Arizona, California, and Florida are among the states with the highest rates of foreclosures. According to RealtyTrac, the largest amount of foreclosures are occurring currently in Cleveland, Ohio. In the zip code 44105 they report almost 800 foreclosure notice filings from March 15 to June 15, 2007. Unlike Ohio and other states in the Midwest that saw their industrial economic base erode the other states mentioned in the preceding paragraph fell victim to too rapid price appreciation, speculation, and overbuilding by developers.Many industry observers predict that residential real estate markets in the troubled areas of the country may not improve for two to three years as foreclosed properties continue to flood the market and first-time homebuyers are cautious about still sky-high prices and tougher underwriting standards for home mortgages.Contact:Patrick McGilvray, J.D.916-920-3278 ext 2patrick@thehomebuyingcenter.com###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com 
Source: EmailWire.com
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