We are in a recession and which cites are affected? Starting with Las Vegas, the list goes on.....
Date: 8/22/2009 10:39:21 AM ( 15 y ago)
We are in a recession and anyone who doesn't realize that has been living in a cave for the last year. It is bad and it is going to get much worse. Now the news is that you are living in a town that has the highest foreclosures in the whole country. How do you feel? You feel hopeless and you feel doomed. Many would just give up at this point, but there is a solution in every dilemma.
No matter what state or or city you are in, you can sell your home and help is on the way. There are so many alternatives now, with the new incentive program from the government.
The really good news is that the government is offering assistance to borrowers who are in foreclosures and have made offers to more than 400.000 so far. You must be at least two months behind. Due to this new program, it is possible many borrowers will choose to fall behind, to qualify for this new assistance. This program allows borrowers to reduce their monthly payments and more than 235,000 have signed up for this new ground breaking program.
But as predicted the number of foreclosures in the US is on the rise and it is up 7 percent from June. July has seen so many loan and bank failures that it is about to set records, with the highest rate of foreclosures this year. Nevada for the 31st straight month has the highest rate of foreclosures with California right behind them.
Foreclosures are increasing with around 32 percent more filings than June. This was the highest report since four years and it is a troubling trend. More than one in 355 households will receive a foreclosure notice of some kind. The banks are setting records with over 87,000 repossessions. The banks are more likely to approve short sales now then last year. So it is a time to move and get a Realtor to help you, if you are facing foreclosure.
Nevada has the highest level of foreclosures with California following behind. Then there comes Arizona, Floria and Utah. In Nevada, the highest repossession rate was from Las Vegas. Guess the nickle slots are not paying off. Many retirement people do flock to Las Vegas, but now we will see more and more investors going there to try and get a bargain. In California, the cities most effective by the problem is Stockton and Modesto. San Bernardino and Riverside are not far behind in foreclosures.
The banking industry has continued to fail and with more and more loans collapsing, the hope for a better tomorrow is fast flying out the window. The people who are profiting today is attorneys, processing bankruptcy papers and foreclosure notices. It has never been like this in many years and yes a recession has landed.
As the foreclosure rates rise, so do unemployment figures. Most foreclosures in America are due to unemployment and continual interest rates rising. It is imperative when considering a mortgage loan that you apply for a fixed rate of mortgage and not attach a second lien on the property. California does allow 2nd liens, but many states have banned them, due to the high rate of foreclosures.
The amount of foreclosures are increasing monthly and it is just overwhelming the entire system. There is hope for anyone in distress and it is just simply a matter of asking for help. Do not keep silent during these times of disaster. You can get a Broker who specializes in short sales and foreclosures to guide you through this process or you can work directly with your bank. Either way, seek help today and don't wait to loose your home.
Learn more about this author, Barbi Trejo.
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