My Favorites
Foreclosures on the Rise
In a recent article released by Florida Realtors, studies from Realty Trac Inc. show that the number of households falling into foreclosure rose about 5% between July and September. While the Obama administration is working to help struggling homeowners modify their mortgage payments, the number of defaults is still outnumbering those who have been assisted.
The major reason for this increase? Unemployment - currently, the unemployment rate sits at a high of 9.8%, and shows no signs of slowing down until around the middle of next year. While some mortgage companies are able to let their homeowners defer their mortgage payments for up to 6 months, this is not a guarantee, and isn't always enough to bail an owner out of a financial bind.
At this rate, foreclosure filings are expected to increase an additional 1.2 million more than last year. Experts are hopeful that the mortgage relief effort will be able to pick up more steam, but with unemployment driving a wedge between home ownership and financial stability, homeowners are going to have an uphill battle.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information courtesy of Florida Realtors, RealtyTrac, Inc., and The Associated Press.
