Thursday, January 27, 2011

Foreclosure activity up across most US metro areas - Yahoo! News

NORTH LAS VEGAS, NV - NOVEMBER 13:  A sign han...Image by Getty Images via @daylifeThis is something I've been talking about for years now. I have never been able to figure out why in the World people think they can buy a house and rent it out for 1000 plus a month. In average. Most people only make anywhere from 7 to 10 bucks an hour. This crash is only the beginning.
It's no wonder why all this greed for money has finally taken it's toll. Though I do feel sorry for those loosing homes through all this. I find it so sad that Credit, background checks and 20 million other laws determine whether or not you can have a place to live for your family.
With the jobs gone and more companies falling under no matter what the news says about it. Its gotten bad. If you rent out places. You might want to reconcider how much you charge for that rent.
I still remember when 2 and 3 bedrooms went for 400 a month. Today? 900 to 1500 for the same thing? And so many wonder why it crashed? We can't forget that the Jobs out there still don't pay any more than they did back then either.
This reason alone is just one of the reasons all this is happening today.
LOS ANGELES – The foreclosure crisis is getting worse as high unemployment and lackluster job prospects force homeowners in an increasing number of U.S. metropolitan areas into dire financial straits.
In Seattle, Houston and Chicago, cities that were relatively insulated from foreclosures early on in the housing bust, a growing number of homeowners are falling behind on mortgage payments and finding themselves on the receiving end of foreclosure warnings. Others have already seen their homes repossessed by lenders.
All told, foreclosure activity jumped in 149 of the country's 206 largest metropolitan areas last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Job loss, rather than time-bomb mortgages resetting to higher payments, has become the main driver behind rising foreclosures.
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