Europeans Stunned By California Mortgage Rates
March 21, 2005 - The vast majority of European emigrants seeking to live in the land of opportunity never counted on soaring California mortgage rates.
While very few owners of a California mortgage home were found to be delinquent, many of them were forced to sell their homes for fear of losing everything. State statistics indicate that home prices will continue to rise with little end in site.
Luckily, the percentage of California mortgage households that fell into foreclosure for the quarter ending 2004 was just above 0.15%, officials contend. Sources maintain that the California mortgage level was due to a marked increase in home appreciation levels never before seen.
Steve Cohen, a California mortgage broker, says that new and creative financing options such as requiring 10% or even less of a down payment on the California mortgage, have allowed european emigrants to live comfortably in California with even little or bad credit.
It remains to be seen whether or not the European wave of immigration will be able to withstand the California mortgage rate increase but suffice it to say that the Golden Gate will always be open for those who seek to transplant into this nation.
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