Foreclosures Booming in Military Towns
Wednesday, May 28, 2008 21:57
New statistics show that foreclosures in military towns are occurring at a four times faster rate than around the rest of the country. While traditionally many soldiers and military families end up taking out loans on homes through the Veteran Affairs department, many of these families end up opting for the low initial costs and flashy low prices associated with sub prime mortgages in the past few years. However, as the rest of the country has also learned, these mortgages quickly become some of the hardest to keep up with, and lead many families to foreclosure.
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New Study Shows California Foreclosure Homes Surging to Record Levels
The California Research Bureau came back with the results of a report on the California foreclosures market this week, and officials are now saying that the problem is even more severe than they had previously thought. The report was commissioned by The Assembly Banking and Finance Committee to determine how the economy and citizens of California were being effected by the huge foreclosure surge.
Iowa Sees Steady Climb in Foreclosures, Concentrated in Rural Areas
The Iowa foreclosure rate is now up over 120% from where it was during the first quarter of 2007, sparking increasing concern among cash-strapped citizens that 2008 will only make it harder for Iowa residents to keep up with mortgage payments and avoid foreclosure. Foreclosures in Iowa have experienced a steady climb over the past year, and the first quarter statistics were up 25% from the final quarter of last year.
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