Thursday, September 10, 2009

Housing

With 17,000 homes going into foreclosure in this Southern California county in the first half of 2009, Figueroa has found her caseload in the last year getting heavier and harder to bear.


"With the financial situation the way it is, people didn't get into buying a home with the intentions of losing it," said Figueroa. "They are disappointed, they are angry."

California is one of the places hardest hit by foreclosures as hundreds of thousands defaulted on the subprime loans that fueled a buying frenzy. But in the year since the collapse of Lehman Brothers, the number of prime borrowers who are overdue or in foreclosure has also skyrocketed to one in 10.

"When I first started enforcing court orders, I'd see one foreclosure every four or five years, and now I see a foreclosure every day," said Figueroa, a 25-year veteran of law enforcement.

URL: http://www.cnbc.com/id/32797136/

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