More than 20 percent of all properties in the San Francisco Bay-area that fell into foreclosure in the first nine months of this year were bought by investors, according to an investigative story Sunday in the San Francisco Chronicle.
The newspaper concludes that many of the homeowners impacted by the subprime mortgage meltdown are “hardly the struggling home buyers often portrayed as victims of the Bay Area’s and nation’s foreclosure crisis. Some bought houses as often as other people buy shoes, rarely putting down any money,’ the paper reported.
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