Foreclosure Help in California
It’s no secret that California represents some of the most expensive housing in the United States. The median rent in the state is nearly $1400 monthly, and California has a decreasing rate of ownership. Let’s take a look at some stats about the current condition of the state, what it means to be a homeowner and the lay of the land for dealing with foreclosure.
Two significant trends affecting California are a declining rate of homeownership and a rapidly growing overall population. California’s population increased by almost 2.5 million from 2010 to 2017, and the growth continues. Coupled with insufficient housing construction rates to keep up with the pace of population expansion, this has translated into a housing shortage and a falling proportion of homeowners in California.
The economy, housing, and population of California have been well-discussed topics for a while now, and nobody is sure how they will continue to play out in the coming years – but for now, the trends indicate that homes in California will continue to hold great value.
Prices and Income
California exhibits excellent regional diversity in homeownership prices, with homes in the bay area approaching a million dollars median price, and homes in the central valley the most affordable, coming in a bit above $300,000. Prices continue to rise yearly.
Another distinguishing feature of California’s housing is the fact that Californians pay, on average, about 4% more of their annual income towards the rent than the rest of the country. Although minimum wage is higher in California than the federal level, as is median income, both of these still lay proportionately below the high cost of housing.
Have a specific question about Avoiding Foreclosure in California? Check out our Foreclosure FAQ’s section.
Foreclosure rates have been falling in California in the past few years. A large number of resources are available to Californians facing foreclosure. Regional organizations are a significant factor here, so homeowners are advised to look in their city or county to find available options. Here are a few:
- the California Housing Finance Agency, which offers loan modification in some cases up to $40,000
- the HUD compiles useful counseling services, which can be found here
- Federal assistance might be available under HAMP (Home Affordable Modification Program) and HAFA (Home Affordable Foreclosure Alternatives)
In all cases, homeowners have rights, and the ability to inform themselves and utilize all means available to maintain their home or find a pleasant way forward. You can find some more information here from the California courts about your rights and what you can expect when it comes to foreclosure.