Irvine Apartments | Shifting Gears to Offset the Recession

Studies show that areas of Irvine are still hurting from the recession. Now is a good time to rent an apartment here. But in order to find an ideal place in the right neighborhood, you've got to be prepared. That means working with the right rental service company and searching through hundreds of listings. It sounds like a lot of work, but when you know what you are looking for, you can narrow the search. This will help you. And renting now, while the recession is still on, is the best way to shift gears to offset these hard times.

Foreclosure filings in the U.S. rose to a record for the second consecutive month in April as banks increased efforts to seize homes from delinquent borrowers.

A total of 342,038 properties received a default or auction notice or were seized last month, RealtyTrac Inc. of Irvine, California, said today in a statement. One in 374 households got a filing, the highest monthly rate since the property data service began issuing such reports in 2005.

“What you’re seeing is the inevitable result of severe job losses,” Nicolas Retsinas, director of housing studies at Harvard University in Cambridge, Massachusetts, said in an interview. “Until we stem the job losses, we can expect to see continuing foreclosures.”

Unemployment is hampering the housing market as property prices fall. The U.S. jobless rate rose to 8.9 percent, the highest in more than a quarter century, the Labor Department said May 9. Home prices fell the most on record in the first quarter to a median $169,000 amid sales of foreclosure properties, the National Association of Realtors said yesterday.

Foreclosure filings jumped 32 percent from the year-earlier period, RealtyTrac said. Filings were little changed from March as some states delayed seizures. Ten states accounted for three- quarters of all foreclosures in April, with California leading the nation.

U.S. Housing and Urban Development Secretary Shaun Donovan and former Federal Reserve Chairman Alan Greenspan said yesterday there are signs the real estate market is recovering. 

So there you have it, the best way to offset the real estate market recession is to rent an apartment. In Irvine, there are plenty to choose from. Just make sure you are prepared and have a good understanding of the area.

MIchael Russell writes about a variety of subjects. This article discusses apartments in Irvine, CA. For more information about Irvine apartments, visit Apartment Finder.