MS Foreclosure Rates Continue to Increase
Foreclosure news continues to dominate national headlines as the unemployement rate keeps climbing. Reports say that almost 6% of homeowners are either in the rears on payments or at the cusp of foreclosure. In comparison to a year ago, this number has doubled. According to the Mortgage Bankers Association, it is very alarming to see that the rate of troubled homeowners have doubled in the past year.
In the month of April, there were more than 342,000 foreclosed properties in the US. California posted 96,500 of the total foreclosures of the country. Data is cited from RealtyTrac – a web-based company. Reportedly more than 600,000 senior citizens are also either delinquent or have already been foreclosed on. According to the AARP, when you look at subprime loans, senior citizens are 17 times more likely to lose their homes to foreclosure than those with prime rate loans of the same age.
Subprime loans contribute a big factor in the number of foreclosures in a community. A study showed that in areas where subprime loans are prevalent, the number of foreclosure filings is also high. The foreclosure news seems to dominate the airways and subprime loans account for nearly 50 percent of those cases.
Researchers tried to study other factors which could affect the number of foreclosures in an area. They considered home value, race and income but arrived at a conclusion that subprime lending is the major factor for foreclosures. Not surprisingly, one factor that did repeatedly impact the rate of foreclosure was unemployment. Many people simply do not have enough income to keep ahead on their mortgage payments. That’s why MS Foreclosure and other areas as well are skyrocketing. Because of this, the Federal Reserve Bank of Boston recommended that unemployed homeowners should be given more focus by policies that aim to fight foreclosures.
The sad truth is that there will still be many more Americans that will be affected by foreclosure in the coming months. (Note: When doing your research online make sure to search for ‘forecloser‘ as well as it is a very common miss-spelling.) The government is trying to assist with various policies and legislation, but it is unclear on what impact it will have. The biggest drawback of such policy changes, is that they take many months to be approved and applied. Many Americans simply do not have that long to wait.
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