Pre-foreclosure data seems to suggest the Westside is going to get hit with a wave of foreclosures in 2010. Currently in Mar
I already know of 2 examples in Santa Monica where the banks have agreed to lowering interest rates on mortgages to 3% for the next 3 to 5 years and then fixing them around the 5% mark. In one case the person’s monthly mortgage payment was cut in half!
Inevitably, the foreclosures will continue to increase on Westside especially with the foreclosure moratorium period now passed. However, I don’t believe we will see the tidal wave of foreclosures that some housing bloggers are predicting. The banks will do what they can to avoid that.