Foreclosures Rise Nearly Fivefold in Santa Clara County
Nearly five times as many homeowners in Santa Clara County lost their properties to foreclosure last month than in July 2007, signaling there's no end in sight to the local mortgage crisis. Even many county residents not threatened by foreclosure saw their home values plummet in the second quarter. Adding to falling home prices is the need for buyers to put more money down. The median down payment from 2004 through 2006 was 10 percent. As a result of the credit crunch, though, lenders are being much more strict, and the median down payment was 20 percent in 2007 and 2008.
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