Santa Maria Loans - Loan losses on the rise
According to a newspaper article that I read last week, Bank of America lost 2 and a quarter Billion dollars as loan losses rose during the third quarter. This just goes to show that we have certainly not hit bottom yet during this recession. Even though it may seem that the worst might be over (and I don't want to be the bearer of bad news here), with a decrease in homes for sale and people being able to remain in the houses, people are still struggling with paying their bills. That is plainly evident here in Santa Maria.
Bank of America wrote down almost $10 billion in loans just during July and September. Banks had already predicted that their loan losses would keep rising. Unemployment keeps rising. In Santa Maria, unemployment has hit 12.5%. Along with this, notices of default are at record highs.
With this in mind, we have to remain hopeful that 2010 will be a better year. What does this mean? It means that we have to try to stay productive. We have to try to stay positive. We have to limit negativity in our lives, whether is be people at work, family members or not wanting to exercise. Be Positive!
If you have any questions about buying a home or a loan in Santa Maria, CA or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net
Buying or selling property in Santa Maria CA, or Santa Maria Homes, and Santa Maria Foreclosures on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. Gene Perez DRE 01321588
Still some tough sledding ahead, particularly in California as I understand. Good luck!
But look on the good side, at least it's happening to the worst bank in America.
maybe so lets see if the govt does not dish out more money????