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The
housing market crash that began in 2005 severely damaged the
economy in the Yuba-Sutter area. In fact, SMR Research found that as of March 2009, Yuba County had a higher percentage (77.7%) of its home mortgage debt owed on
negative equity loans than any other county in the United States. Fully 60.3% of homeowners in Yuba County who owe any money on their homes owe more than their homes are worth. Sutter County is not far behind, with 69.3% of its home mortgage debt owed on negative equity homes, and 51.3% of its homeowners who owe any money on their homes owing more than their homes are worth. In communities such as
Plumas Lake, which were built entirely during the housing market bubble, both of those percentages are approximately 100%.
To make matters worse, the construction industry is the leading industry in Yuba County and one of the leading industries in Sutter County. The housing market crash almost completely halted the construction of new homes, forcing a huge percentage of Yuba-Sutter area workers into unemployment.
Links
Sutter-Yuba Housing Market on Sacramento Land(ing) Sacramento Land(ing)
