Foreclosures Hit Military Towns Big Time
Southern California's military towns - like Fallbrook, Oceanside, and (of course) San Diego - are littered with foreclosure signs on the lawns of empty houses, according to an investigative article by the Sacramento Bee. In the last three years, the Bee reports, foreclosures in military zip codes jumped 32 percent. RealtyTrac senior V.P Rick Sharga told the Bee many military families got caught in the housing bubble's game of musical chairs because they bought at the height of the market as first-time home purchasers.
The Los Angeles-based National Veterans Foundation's Tyrone Ballesteros also blames banks' predatory lending practices for the problem:
Did you buy at the height of the market? Have credit unions been helpful at all in letting you refinance?