The following article was posted on The 805 blog back in October 2010. As you can see, not much has changed for our local residents.
Ventura County is a fabulous place to live. The residents of The Gold Coast, as it is often referred to as, enjoy one of the best climates on Earth according to National Geographic. They also enjoy the advantages of living next to the Pacific Ocean, the Wine Country of Santa Barbara, and the metropolitan culture of Los Angeles. It is, without a doubt, one of the most desirable places to live in the world. We have it all!
Unfortunately, this includes all of the financial pain the current Recession/Depression is causing a large percentage of families who live in beautiful Ventura County. Despite the candy-coated proclamations by some financial and political pundits who insist that The Recession has ended, the foundations of our families continue to be shaken, not by California temblors, but by the threat of losing their homes.
A Policy Brief published by the Center For Responsible Lending in November 2009 cuts through the BS we hear from some of the Pollyannas in the mass media. The brief starts with the following: “Reckless and abusive lending practices have left California victim to a foreclosure crisis with catastrophic consequences for families, communities, and the state economy. Recent assessments and reports from policy analysts, industry insiders and the media suggest that the catastrophe is over: a bottoming of the housing and stock markets, the end of the recession, and the “green shoots” of recovery are all on the horizon. But the crisis is far from over in California. Indeed, with over one million mortgage foreclosures looming, continuing record levels of unemployment and a worsening state budget that will bring more reductions in state and local services, California is not yet out of the woods.”
How many more people and their families will suffer in Ventura County? According to Deutsche Bank‘s Estimation of Percent of Home Borrowers Underwater (i.e. owe more on their home loan than their home is worth), 36.9% of Ventura County Home Borrowers were underwater as of the 1st Quarter of 2009. By the 1st Quarter of 2011, 47% of Ventura County Home Borrowers will be Underwater and in severe financial distress. Chances are, you are part of the 47%, and the chances are good, that you can prevent from drowning if you know where the life preservers are.
If you don’t know where the life preservers are, stay tuned to this blog.