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Foreclosures And Financial Trends in California

The providers of CareOne Debt Relief Services® have been in your shoes and we understand how it feels to struggle with debt because many of us have been there including our founder, Bernie Dancel. More importantly, we know what it takes to become debt-free and we’re passionate about helping others find a way out too. We understand that every situation is unique, and we’re committed to understanding the specific debt relief issues and financial factors you’re facing, wherever you are.

We hear from our customers, and we know from our research, that like many areas of the country, debt levels in California have been on the rise for years. However, according to the Sacramento Business Journal1 there are some bright spots in the state’s overall financial outlook. For instance, as of April 2012, average consumer debt has dropped 11% from the previous year. The article also states that mortgage loan debt has dropped as well, from $311,551 in April 2011 to $303,745 in April 2012. And while this may seem like a positive trend, it hides the unfortunate reality that fewer Californians own their own home than in previous years and that large sums of mortgage loan debts were written off due to foreclosure proceedings, which may be artificially deflating the average amount owed.

RealtyTrac2, an online foreclosure data aggregator, currently ranks California as the state with the second highest foreclosure rate in the nation, with one in every 351 housing units being affected. The counties most affected with high rates of foreclosures are Los Angeles, Riverside, San Bernardino, San Diego and Orange County. This high foreclosure rate means that there are fewer Californians carrying mortgage debt and more of them are becoming renters instead. CareOne’s own data shows the percent of homeowners seeking debt consolidation in California is 38% lower than the national average while the number of renters looking for debt relief is 26% above the national average³. Houses are one of the most valuable assets a consumer can have and the fact that so few California residents own one is troubling in spite of the fact that overall consumer debt has dropped.

Because many of the providers of CareOne Debt Relief Services have experienced their own struggle with debt we understand the concerns of California residents and we want to help. We’re committed to working with you and doing everything we can to help you manage your debt and get back control of your life. If you were forced into foreclosure and are seeking debt consolidation, or are currently enrolled in a plan, call one of our Certified Personal Finance Counselors®. They can walk you through your options, with compassion and understanding, and will present you with a personalized action plan based on your individual situation.

View our articles about debt in Fresno, Long Beach, Los Angeles, Oakland, Sacramento, and San Diego for more information on debt in California.

For more reading on debt in other Pacific states see our articles on Alaska, Washington, Oregon and Hawaii.

1 California Mortgage, Consumer Debt Drops, Sacramento Business Journal, 5/16/12
2 realtytrac.com/trendcenter, April 2012 heat map
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