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The Working Class Of Riverside County Are Taking The Brunt Of The Foreclosure Problem

 

Riverside County, stretching from Orange County to the border with Arizona, is home to over 2,000,000 souls. During 2007 the county had one of the worst foreclosure rates in the nation during 2007, seeing a meteoric 191 percent jump from the previous year to about one home out of every 23 entering foreclosure, according to RealtyTrac, a national foreclosure tracking service based in Irvine, California.

Mario Menendez, with over 15 years of experience, helping local homeowners stop foreclosure in Riverside County offered his assessment of the current situation. He states that foreclosures in the county remain high, and are expected to remain so. The working class seems to be the hardest hit due to job loss and devaluing home prices.

Home sales have continued to slump over the past couple of years, starting in January 2006 according to Mr. Menendez, showing an average decrease of 18 percent. He sees no sign of things letting up, and believes strongly the worst is yet to come. Although the working class seems to be taking the brunt of the problem, all classes of society are feeling the squeeze. Stopping foreclosure in Riverside County borders on impossible for a lot of homeowners with little to no equity.

When asked if the state or local government was taking any actions to help Mr. Menendez said there were none he was aware of, nor was any legislation being proposed at the time.

He feels that the best course of action in the immediate future is for homeowners in trouble, and those skirting it should do whatever they can to educate themselves with all options available to stop foreclosure in Los Angeles County. Mr. Menendez offers his expertise to any and all homeowners. Some options he suggests are loan modifications, short sales, or as a last resort filing for bankruptcy with the assistance of a skilled bankruptcy attorney.

For the blue collar stiffs living and working in Riverside County the current situation is bleak. Many homeowners are feeling literally trapped in their homes, where they owe more than the property is worth. With home prices falling, restricted lending and foreclosures showing double-digit increases the long term outlook holds little promise.

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