medicineman
New Member
Yeah it's a booming economy if your rich, you can buy someones forclosure for a song! Rising interest rates — up more than a percentage point on most mortgages since a year ago — and a slowdown in booming prices are probably to blame. In 2002, a couple with solid credit using a one-year adjustable-rate mortgage and 10 percent down on the purchase of a $154,000 house (the national median at the time) was facing a manageable mortgage payment of $735 a month. If they got into a money squeeze, they could borrow against the rising value of their house — median prices have jumped to $217,000 since.
getCSS("3053751") ABOVE-AVERAGE FORECLOSURE RATES
Today, that same couple would be facing a mortgage payment of around $1,100, plus higher property taxes. With house price appreciation slowing, there’s nowhere to turn in a financial crunch.
The jump in costs is most dramatic in cities such as Los Angeles, New York and Miami, where the rate of appreciation has far outpaced the national average. Foreclosure.com Chief Executive Brad Geisen guesses there will be more pain on the way, even in some of the cities where prices have spiked.
Foreclosures work differently from state to state, but the basics are pretty standard: When a homeowner starts missing mortgage payments, the bank gives notice to the homeowner and to the local government that the loan is delinquent. After a time, the bank is allowed to commence a repossession process that can result in the house being auctioned off to the highest bidder. The process can take weeks or months to play out; anywhere along the way, a homeowner retains the power make good with the bank. Frequently, homeowners in trouble with the banks are willing to sell their homes to private buyers at a discount to market value in order to preserve what little equity they have left.
getCSS("3053751") FORECLOSURES GROWING FAST
Click the links below for more information.
• Sacramento
• San Diego
• San Diego (suburbs)
• Las Vegas
Source: Forbes.com
Foreclosure.com sifted through data from the 25 most populous counties in the country and found eight places where homes are falling into foreclosure at above-average rates. (In the list that follows, we name the metro area that each county corresponds to — Chicago for Cook County, Ill., for example.) We've also included a list of places that have lower-than-average foreclosure rates, but are worth a look because filings are growing so fast.
getCSS("3053751") ABOVE-AVERAGE FORECLOSURE RATES
Today, that same couple would be facing a mortgage payment of around $1,100, plus higher property taxes. With house price appreciation slowing, there’s nowhere to turn in a financial crunch.
The jump in costs is most dramatic in cities such as Los Angeles, New York and Miami, where the rate of appreciation has far outpaced the national average. Foreclosure.com Chief Executive Brad Geisen guesses there will be more pain on the way, even in some of the cities where prices have spiked.
Foreclosures work differently from state to state, but the basics are pretty standard: When a homeowner starts missing mortgage payments, the bank gives notice to the homeowner and to the local government that the loan is delinquent. After a time, the bank is allowed to commence a repossession process that can result in the house being auctioned off to the highest bidder. The process can take weeks or months to play out; anywhere along the way, a homeowner retains the power make good with the bank. Frequently, homeowners in trouble with the banks are willing to sell their homes to private buyers at a discount to market value in order to preserve what little equity they have left.
getCSS("3053751") FORECLOSURES GROWING FAST
Click the links below for more information.
• Sacramento
• San Diego
• San Diego (suburbs)
• Las Vegas
Source: Forbes.com
Foreclosure.com sifted through data from the 25 most populous counties in the country and found eight places where homes are falling into foreclosure at above-average rates. (In the list that follows, we name the metro area that each county corresponds to — Chicago for Cook County, Ill., for example.) We've also included a list of places that have lower-than-average foreclosure rates, but are worth a look because filings are growing so fast.
