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Foreclosures: Homeowners
built 212 days ago
The adage that real estate is all about “location, location, location” seems to be playing out in the foreclosures now facing millions of American homeowners as foreclosure rates in the third quarter varied widely from one region to the next. Cities in California, Florida and Ohio accounted for 17 of the top 25 metro area foreclosure rates, according to RealtyTrac.
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The deluge of foreclosures nationwide continues to push more inventory onto the market, which is further driving down prices. As more homeowners default on subprime adjustable rate mortgages (ARMs), foreclosure rates continue to swell. According to Realtytrac(R), Chicago's total foreclosure rate in 2007 was 73,469 filings, earning it the 30th spot nationally among 100 of the country's largest cities.
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NPR News - All Things Considered , August 31, 2007 Responding to the growing wave of mortgage foreclosures, President Bush has announced measures that could help some troubled borrowers keep their homes. Tens of thousands of homeowners will be able to
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A report issued by Standard & Poor's indicates that loan servicing staff is overwhelmed by the sheer magnitude of rising foreclosures. For example, the report shows that the average number of loan files handled by loan servicing employees is more than 450(1) -- a "case load" that virtually guarantees many homeowners will not receive the information or assistance required to save their homes.
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What do foreclosures mean to a local economy? A special report by the U.S. Congressional Joint Economic Committee (April, 2007) estimates that the full cost of foreclosures for all stakeholders - borrowers, neighboring homeowners, lenders, city and local governments --can reach $80,000 per home.
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