High Number of Fresno Foreclosures Due To High Unemployment

Fresno currently has a very high unemployment rate, probably in the neighborhood of 15-20%. This factor is what is now contributing to the high foreclosure rate, and growing inventory of bank owned properties for sale. As we all know, the housing bubble was created by the subprime loans and loose lending practices for home loans in the past bubble market. Now that most of those loans have either been foreclosed, or re-written, the inventory is now growing again with foreclosures caused by people losing their jobs. It's going to be a long haul to recovery, but I believe in real estate for the long term investment that it is. I realize that a home is more than just an investment.  A home is where you live and grow your family and cannot or should not be considered like a quick return investment as we did in the past. It will take years for our economy to rebound, but there are some great opportunities out there for both investor and home buyers alike. We have prices in Fresno that, with minimum down payment, you will pay less than rent. The median sale price in Fresno is around $152,000. and there are many homes available now in the $50-75,000 price range.