March finished out to have over 3,000 homes foreclosed upon.  This is more than what was forecasted and one of the highest numbers seen in several decades.

Petitions to foreclose have also seen a more than 150% increase since the same time last year.  Scary news!!

The homeowners I have been meeting with lately are all in some sort of financial trouble, very few with equity, but all having trouble paying the bills.

What I am finding out is that most of the homeowners truly would like to keep their homes, but the cost of owning them is outpacing their income.  It is not a mortgage interest rate adjustment that is impacting them or a goofy loan that is the problem.  Homeowners are facing increasing costs in all other areas of their life that something has to give....unfortunately it is their home.  Filling an oil tank for hot water is running almost $1,100!!! That's maybe 5 months of hot water, no heat!  Add heat to the mixture and this is almost a monthly expense! $7,000 a year from about $2,400.

Where are the resources to help people??? 

Bobbie Files
Keller Williams Realty
www.BerkleyMass.com

 

 

1 Comments on Is a bad mortgage or buying "high" the only cause for foreclosures??

I think here in Florida we saw both happen to buyers.

04/27/2008 03:42 PM by Steve Glose, Keller Williams Central Florida (Keller Williams)

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Real Estate Agent: Bobbie Files~Taunton Real Estate Berkley, Freetown, Homes for Sale (Keller Williams Realty)
Bobbie Files~Taunton Real Estate Berkley, Freetown, Homes for Sale
Taunton, MA
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Keller Williams Realty

Office Phone: (508) 238-5000 Ext.: 296
Cell Phone: (508) 789-0217
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Real estate information about the Taunton, Greater Taunton, Berkley area. Market Reports, homes for sale, and just some fun information from Bobbie Files, REALTOR, Keller Williams Realty.

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