A rash of toxic loans, such as the notorious no income, no job, no asset (NINJA) mortgages, were used to buy homes here during the boom, according to local real-estate agent John Rivera. When prices dropped, many owners lost their houses.
Foreclosures here have taken a long time to wind their way through the system, so many old defaults are still being counted, Rivera said.
This house, which hit the market in December, is priced 40% lower than it sold for in late 2007.
It has 2,100 square feet of living space, four bedrooms, an eat-in kitchen and a breakfast bar that overlooks the family room.
For further information: Trulia
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.48%||4.38%|
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