Foster city, so many homes in foreclosure? (San Mateo: mortgage, loan)

[gotpancit]

Ok so we are making the move to Foster City in the super near future and can actually afford to buy something over there (happy!). The one thing I'm a tiny bit concerned about is everything I'm looking at is a foreclosure, i.e. did everyone really lose there job in FC, or is there something that everyone is running away from, lol.

Anyone have any insight on that?

[jaypee]

I thought people go into foreclosure because they can no longer afford the mortgage payments
and cannot get the loan restructured, and not necessarily because the neighborhood's bad.

[clongirl]

Originally Posted by gotpancit

Ok so we are making the move to Foster City in the super near future and can actually afford to buy something over there (happy!). The one thing I'm a tiny bit concerned about is everything I'm looking at is a foreclosure, i.e. did everyone really lose there job in FC, or is there something that everyone is running away from, lol.

Anyone have any insight on that?

It's not really a mystery, nor is it specific to Foster City. A lot of people got laid off from their jobs in Silicon Valley/Bay Area in the past several years and they couldn't afford to keep up with the payments of their overpriced property.

The banks are beginning to release more of their inventory because the economy is picking up now in the tech industry.

I don't understand why you'd be concerned about it.

[BayAreaHillbilly]

The foreclosure rate here in San Mateo County is low. No more buildable land, good weather, foreign cash. As a result prices never really dipped much or in many cases were flat. Need I say more.

[gotpancit]

ok good points. Thanks!