The real estate world has known for a good while, yet some have been refusing to read what it says. Many Americans are getting deeper into debt. Part of this problem likely comes from the cost of owning a house. For a increasing number of homeowners, housing debt is forcing a tough situation into a dangerous one; creating a foreclosure crisis that will likely last many years more.
Several months ago, current numbers released by the Government are showing an alarming growth in the rate of foreclosures. In some areas, of all home owners who were extended sub-prime loans, the rate of default is as high as 14-20% when 4-6% is considered healthy.
This data has been all over the news the sub-prime market has been in upheaval. Sub-prime loan officers are usually experienced in extending financing to borrowers with credit problems, unable to verify income, employment or other factors that make them a poor fit for traditional financing. In the past few months, many major players in the sub-prime market have sought additional investors or in some cases simply closed their doors and gone out of business. Just as their clients were unable to afford the escalating costs of...
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