Nationwide, foreclosures are about double for the same time period in 2007, according to this article.
Soft housing sales, declining home values, tighter lending standards and a sluggish U.S. economy have left strapped homeowners with few options to avoid foreclosure. Many can’t find buyers or owe more than their home is worth and can’t refinance into an affordable loan.
Foreclosure filings increased year-over-year in all but two states, North Dakota and Alaska.
Nevada, California, Arizona, and Florida continued to clock in the highest foreclosure rates. One in every 43 Nevada households received a filing during the quarter.
Locally, the Clayton County home that was the subject of an Extreme Makeover show has been listed for foreclosure, as noted in this report. From the reports, Beazer Homes donated the materials and labor, the mortgage was paid off, and the owners received $100,000 cash.
A foreclosure notice appeared last Friday, a $450,000 second mortgage they took out less than 15 months ago was in default…. Lake City mayor Willie Oswalt was among the 1,800 volunteers helping "Extreme Makeover: Home Edition" build the Harper’s new home 3 ½ years ago. Beazer Homes of Atlanta was the main sponsor. The mayor said he is baffled.
“Beazer gave them $100,000 cash, paid their mortgage off and they still can’t make it," said Oswalt. Harper told Channel 2 they invested the loan proceeds in a construction business and the business hasn’t been good. She didn’t say how much of the money is left.
“What’s going to happen is instead of keep paying my mortgage, I’m going to take my money and not pay my mortgage because I’m being harassed,” said Harper.
CBS-46 has obtained documents showing that in two years, two loans have been taken out against it. One was in the amount of $125,000, the other for $450,000.
So … over about three years, that is a free luxury home, $100,000 cash, and $575,000 in loan proceeds?