Monday, Aug 1 2011 3:13PM
Foreclosures are affecting many rural residents of one California county.
According to the Sacramento Valley Mirror, foreclosures are substantially hurting the economic well-being of those living in Glenn County, California.
A report by RealtyTrac shows one in every 247 housing units in Glenn County received a foreclosure notice in May. The magazine states this figure is markedly higher than the national average and has had a considerable impact on the community, made up mostly of small farmers.
"They probably feel it is worse because it's small," Dan Beverage, a counselor with the U.S. Department of Housing and Urban Development, told the newspaper. "With the smaller communities, we have fewer resources."
In addition to the high volume of foreclosures, RaeAnne Titus, owner of Titus Properties, a Realty firm in the area, told the paper residents in the rural county face many economic challenges. These issues, Titus said, may keep home values down.
One economic factor hurting Glenn County is a high unemployment rate. In May, the jobless rate in the county was 15.2 percent, according to the Department of Labor.