The following San Jose Mercury News article reports on a situation that has become quite commonplace. And that is homeowners with distressed mortgages who are not making mortgage payments. The article offers and interesting perspective in that the banks are hesitant to foreclose and are giving people a chance to get their affairs in order. If this is the case than I feel like it is the right thing to do. It is far better to give people the opportunity of staying in their homes, assuming that they can afford it, as opposed to foreclosure or short sale. I still believe though that foreclosure must be a last resort and that the banks should make it easier to perform short sales where necessary. This is having more of an affect on San Ramon real estate than Danville real estate because of all the new construction in the Dougherty Valley
during the early to mid 2000′s.
Many Bay Area homeowners in real estate limbo – San Jose Mercury News.
