Rural Communities Hit by Foreclosures
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MERCED, Calif. (AP) - The end came in a flash outside the Merced County courthouse. Only six people were in the auction partitioning, Janice Pimentel and his son Nick. With the possibility of Pimentels’ dairy farm was the first property. The auctioneer, a young man of loyalty sunglasses and blue jeans, see the address for the submission of tenders and Watchkeeping. If none come to the R and T Joe Pimentel Janice Dairy Farm, 21 years in the life of the family, which officially entered into possession of the major creditors, a local lender. “Now,” said Janice Pimentel, “it is a fact.” The Court Pimentels was once a fixed point in California’s Central Valley, best known as the fruit basket throughout the world and, in recent days, with the highest concentration of Rechtsausschließungen in the country. Many closure devices in the very short term here in rural communities, to be changed, perhaps forever, because the nation’s housing merger. While the news about the mortgage often, the crisis focuses on the cities and suburbs booming, rural America has been hit hard, too. Research by the Housing Assistance Council, a Washington-based non-for-profit organization that provides assistance in residential construction in the rural pockets of the country, found that Rechtsausschließungen are at least as well in small towns than in cities . “It’s happened all over,” said Moises Loza, HAC managers. The partitioning problems in the small town of America perhaps even more widespread than in the cities. Mobile and manufactured homes represent at least 15% of rural housing of the nation, and three quarters of them were financed by instalment or personal property in the form of a mortgage after HAC. If the original owner, it leads to the reduction instead of partitioning, and they are not determined in isolation, Loza said. Rural residents often have fewer credit for the election as city dwellers, and can be preyed upon by high interest rates and predatory lending practices. But the mortgage accurate statistics for rural areas are difficult to obtain, because during the major banks in urban areas in accordance with the federal law are to report lending activity, many small, rural financial institutions. Merced is one of three border counties near the tip of the recent closure of the national list that RealtyTrac a real estate company. Merced County No. 4. San Joaquin County, including the city of Stockton, No. 2, and the County of Stanislaus, Modesto, No. 3. (No. 1 was Cape Coral-Fort Myers, Florida) During these three counties of California in February, the partitioning of the procedures have been more than 3,100 objects and nearly 1,300 houses have been accepted by RealtyTrac. Isolation in relation to claims, approximately 100 cases of one of the buildings, in the three departments, compared to one of 557 properties in Germany. Merced County, 246000 inhabitants Having a housing boom in recent years, which saw the evolution of spring used, which could arable land, said Rep. Dennis Cardoza, a Democrat from Merced. Well, in cities such as Atwater, housing values have dropped, as much as 50 percent, reported said. “The impact on these small cities and towns is enormous,” said Cardoza. “In my neighborhood, I think we are already in a recession. Merced County, in cities like Planada, you do not need statistics, which tell them that the partitioning crisis hit. The landscape is filled with for-sale and the segregation of characters, with empty houses weedy Front lawns and graffiti on board-up. The skeletons of houses, in which construction stopped, if the market went bust development, where houses, which sells for $ 400000 only three years, begging are now at half price. Driving around depressive tendencies surrounded by almond orchards, John Pedrozo, Merced County Supervisor, representing Planada, could not be included distress. “I lived here 50 years, and I have never seen anything comparable,” said Pedrozo, grew up on a farm. “The company, people will bankrupt. And the ruins of the houses empty.” A common problem, he said, is that the free weekend, the houses are closed blocked for wild celebrations and the trash. In small towns, one or two or even acquire properties rescue that may have a great influence on the community, “said Pedrozo. “It’s not only that the title to the property values,” he said. “And also that people are losing their neighbors and their community.” Janice and Joe Pimentel, who are 52 and 58, respectively, decided their families’ tradition Farm milk purchased, when they discovered 25-acre property in Atwater two decades. Your son, now 21 and 30, have decided not to go to the economy, and the Pimentels thought they were going to retire one day and turn the farm into an orchard of the kernel. Since they lost their farm, formerly prosperous, a shop about 200 cows, it is not simply a sub-prime mortgage history. It has to do with lower prices for milk, increased costs for feeding animals, a few unlucky, and, yes, a five-year programme, the refinancing of loans at an interest rate of 12 per cent. At the beginning of its financial problems in 2007, Father Joe’s cancer. With such a heavy financial burden and personal Pimentels who was unable to provide the attention of the battery is needed. “With 58, I started by me,” said Joe, who started, he worked for the Department of Agriculture Landkreis, recruitment in the fight against the traps. The farm is a Pimentels ghostly eyes, with their stands empty, the shimmy roof over the barn most important, where flowers and weeds to grow. Soon, the Pimentels their pets - two dogs and three horses - to the humble home of Joe’s father has left, a mile away. The Pimentels doubt, it is owned by a family dairy farm forever. Maybe it is a developer pack, Janice said, “in terms of housing is still developing, when at Merced, at any given time.” |