One Bakersfield Neighborhood Symbolizes Area Subprime Foreclosure Problem

Media outlets in Bakersfield, California have recently reported on one development in Oildale that has been particularly hit hard by the subprime mortgage fiasco. Two streets in the development contain 45 homes; 20 of them are reportedly in some stage of default, with six already foreclosed on. All of the homes in foreclosure were bought with subprime mortgages, according to the media reports. For more, see:

KGET-TV Channel 17

watch KGET-TV Channel 17 report, or read their online story, Housing market is all down.

KBAK-TV Channel 29

watch the KBAK-TV Channel 29 report, or read their online story, Housing crisis hits Bakersfield.

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