Ventura County's foreclosure sales — they spiked 784 percent to 548 from January to June, compared with 62 for the same period a year ago — according to the Real Estate Research Council at California State Polytechnic University, Pomona.

It's a stark turnaround from the frenzied market two years ago when people were racing to outbid one another for nearly any home. Foreclosures then were running at historic lows, but they now are a painful reality for hundreds of county residents who are being turned out of homes they can no longer afford, thanks to the subprime loans they used.

Foreclosures are affecting all types of borrowers. There is no one group of people who lose their homes, said Kay Wilson-Bolton, owner-broker of Century 21 Buena Vista based in Santa Paula. She's seen it happen to people from all walks of life, including real estate agents and a deputy sheriff.

Some eligible homeowners have a choice: In exchange for their keys, the lender will assist them with $750 to $2,000, depending on the number and ages of residents in the house. The so-called "cash for keys" system requires homeowners to leave the property in "broom clean" condition by a specified date.

Some lenders offer this incentive because it saves them from evicting the homeowner, which can be expensive and take months, Wilson-Bolton said, and the house generally is left in much better condition.

Source: http://www.venturacountystar.com/news/2007/sep/30/no-headline---na1fcforeclosure23/