|
San Jose has experienced a 140% increase in foreclosures over the past two years, from 5,838 in 2007 to 13,989 in 2008. This is consistent with the nationwide housing downturn caused by the subprime lending crisis. From 2006 to 2007, the number of foreclosure filings in the City increased 203% from 1,928 filings to 5,838 filings. From 2007 to 2008, filings increased another 140%, from 5,838 to 13,989 filings. To date, foreclosures have concentrated in specific geographic areas, particularly in East San Jose, Central San Jose, and along the southern stretch of Highway 101. The number of foreclosure filings is expected to remain high for some time, as a large amount of outstanding bad loans remain. In addition, the region is experiencing a rise in unemployment due to the housing-induced economic recession, exposing more households to the danger of defaulting on their mortgage.
In an effort to respond to the rapid increase in foreclosures, the City has convened the Foreclosure Prevention Task Force, comprised of nonprofit and real estate industry partners. The Task Force has adopted an aggressive and comprehensive strategy that includes prevention, intervention, family re-stabilization and neighborhood stabilization activities under the ForeclosureHELP Program.
 2008 Foreclosures
2007 Foreclosures
2006 Foreclosures
|
