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Foreclosures Increasing Around US Military Bases
By admin | June 16, 2008
According to the data gathered by RealtyTrac, there has been a dramatic increase in foreclosures at the areas surrounding US military bases in the past year. The average increase was reported to be more than 80 percent, which is way above the national average of 59 percent.
Senator Charles Schumer, chairperson of the Joint Economic Committee is saddened by the data obtained from RealtyTrac. For the politician, military families are shouldering more than their fair share of troubles without adding mortgage problems.
The federal government is already working out a housing bill that could provide financial assistance to distressed homeowners by allowing them to shift to government-backed mortgages. The said bill will reportedly cost the government around $300 billion and help approximately 500,000 families.
Statewide, thousands of mortgages are scheduled to reset in the coming months and could further give rise to more foreclosure homes. At present, the number of homes entering some stage of foreclosure has already reached millions. Home prices are already declining in states hit hardest by the foreclosure crisis.
To make matters worse, the skyrocketing fuel prices has resulted to the increase of food prices. Consumer debt is also soaring as more and more families struggle to make ends meet.
Luckily, there are many non-profit organizations and kind individuals who have been helping distressed homeowners stay in their homes. Most act as mediators between lenders and borrowers in order to reach a compromise that will allow the borrowers to manage their mortgage debt better. Right now, loan modification is increasingly becoming the most popular option, as it addresses most borrowers concerns.
The only obvious winners in this foreclosure mess are the buyers who are now enjoying the amazing opportunities that these foreclosed properties offer. Expensive real estate that was previously not affordable to the middle class is now within reach and very much affordable.
Topics: Foreclosure |