RealtyTrac has officially confirmed: You’re not imagining it, you are seeing more foreclosure signs these days. (Though likely few so inadvertently appropriate to the news as the one we show here.)
One in 171 households fell into foreclosure during the second quarter of this year, 739,714 homes in all––that’s up 121% from the same period last year. Though the worst of the worst is happening in a handful of states––Nevada, California, Ohio, to name a few––the latest numbers show that 48 states saw a growing number of people who are losing their homes.
Yesterday, the President threw a legislative flotation device to Fannie Mae and Freddie Mac and to hundreds of thousands of homeowners on the verge of foreclosure. Though help may be on its way to some consumers, the best move yet is to get educated. RealtyTrac offers Foreclosure Laws and Procedure by State and tips on dealing with foreclosure.
Bottom line: don’t ignore the inevitable. If you know your options, you might be able to save your home or at least improve a worst-case scenario.
photo credit: joelogon
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The bottom line is socialism. Why is it that when people make the wrong choice it is everyone else that must pay for it? I don’t like my tax dollars going to these victims of foreclosure. I feel like a victim of foreclosure since the government is giving my money anyway to save them.
A home is where you make it, not an address. If you can’t afford a mortgage it’s time to swallow your pride and go rent. When you can’t afford a car payment, sell the car. People know what they need to do without the government getting involved.
The predatory lending fraud perpetrated by the banks could only last so long.
As a realtor, I’ve seen stories of folks who really seem to “deserve” some sort of assistance; and some stories of people who are really taking advantage of the system (ie, taxpayers are really paying off their debt). Like a seller who short-sales their property; the bank absorbs the loss; and the new buyers (who got a smoking deal) are friends of the seller…. this enrages me!