Where did my house go?
By admin | April 30, 2007
Many communities are at risk as home foreclosures are up due to many homeowners defaulting on risky subprime loans. As these borrowers reach payment hardships, many fail to reach their loan provider to arrange any kind of relief or arrange a payment method.
Foreclosure filings, which include default and auction sale notices and bank repossessions, were up 7 percent in March from the previous month, and up 47 percent from a year ago, according to the Web site RealtyTrac, which follows foreclosures.
Many states including, Texas, Florida, California, Michigan, and Ohio are accounting for as much as 50 percent of total foreclosures in the nation. Other states, such as Nevada and Colorado are seeing a steady rise in foreclosures as well.
There are those that argue for assistance for those that are about to be foreclosed upon. While the dissenting voice claims helping those with payments who couldn’t afford where they are living to begin with only inflates the market and shuts out many future homeowners.
“Why should they get help when there are those of us who will never own homes if the prices don’t come down, and they won’t come down if they continue to be artificially inflated by people who couldn’t afford what they bought.”
Foreclosures not only affect the borrowers but can ultimately affect a community. With housing costs inflating you hurt the influx of individuals moving to your community thus shutting out certain economic prospects.
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