Tumbling Home Values Boost Mortgage Defaults

February 12, 2009 · Filed Under Economic Impact of Foreclosures, Loss Mitigation, Mortgage Default 

The mortgage problem and foreclosures are very bad in the United States right now.Jobs are getting lost, home prices are falling, and the credit crunch is showing the horror of poorly taken and given investments and loans. According to the Foreclosures Canada Information Systems, there have been more foreclosures since November as in the six months before that, and and this is definitely getting worse.

The problem is confirmed by many other sources, including many of the banks falling victim.

Calgarians and Albertans are having an especially bad time of it. Calgary alone, a very small area, has more than 125 homes that are in the foreclosure process right now. It appears that much of the market is under water, and that everybody is falling victim.

In the past, few people who lost their job or had a drug or alcohol problem were foreclosed upon, many banks are finding that they must foreclose upon everybody. Many Realtors are finding that as much as fifteen percent of their business is now in helping banks to sell all of those homes that they find on their hands.

Todays Related Posts

Tags: , ,

Comments

Leave a Reply