Carlsbadistan real estate is getting pulled into to the recent foreclosure debacle according to a story in the San Diego Union-Tribune. Defaults in the 92010 are “up 85.7 percent over the past year.” And some of the stories are just plain sad.
The weak market is very much on the mind of Jan Terry, 54, who faces foreclosure on a $935,000, 2,300-square-foot house she bought a couple of blocks from the coast in Carlsbad early last year.
Terry acknowledges that she made a mistake in getting a high-risk loan for the investment property, but she thought beach properties should have been a no-brainer money maker. “Based on the way I could see the market going,” said the one-time real estate agent, “I would make a few bucks.”
But then the mortgage market tanked, her tenants left, she moved back in and her business partner skipped town. Terry now faces bankruptcy, eviction and possibly living on the streets. She has a daughter in college and was recently divorced.
Guess living on the streets is the downside of a “high-risk loan.”
[Link: San Diego Union-Tribune]
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