Foreclosures in State Hit Latinos Hardest

Inquiring minds are looking over data showing who in California is getting hit the hardest by foreclosures:

A review of the damage wreaked on California communities by the housing bust shows that Latino households suffered nearly 50 percent of the foreclosures and that loan defaults are concentrated in the state’s Central Valley.

That area, which includes the Sacramento and San Joaquin valleys, features six of the top 10 California metro areas for foreclosure concentrations, according to the Center for Responsible Lending, which released a comprehensive report Tuesday.

No California communities have experienced a higher percentage of defaults than Modesto, Merced and Stockton – each of which had a foreclosure percentage of around 16 percent between late 2006 and 2009, the study found.

And the hardest hit region?

While identifying the state’s hardest-hit regions and residents, the report, based on 877,173 properties foreclosed on from October 2006 through October 2009, also debunks some conventional beliefs about the foreclosure crisis.

According to the study, most defaulting borrowers were not stretching beyond their means to buy a big dream home. Instead, the report data show that the typical foreclosed property in California is relatively modest and valued below the median price for its region. It also indicates that just over half of foreclosures relate to refinanced loans.

What have the politicians and bureaucreats done to California?


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