Foreclosure crisis hits older Americans hard

Discussion in 'Economy' started by Nova78, Jul 19, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Foreclosure crisis hits older Americans hard | General Headlines | Comcast

    According to AARP:

    _About 600,000 people who are 50 years or older Americans are in foreclosure.

    _About 625,000 in the same age group are at least three months behind on their mortgages.

    _About 3.5 million — 16 percent of older homeowners — are underwater, meaning the home value has gone down and homeowner now owe more than their homes are worth.

    AARP said that over the past five years, the proportion of loans held by older Americans that are seriously delinquent jumped by more than 450 percent.

    Homeowners who are younger than 50 have a higher rate of serious delinquency than their older counterparts. But the rate is increasing at a faster pace for older Americans than for younger ones, according to AARP's analysis of more than 17 million mortgages.

    Americans who are 50 or older are hard-pressed to recover from the collapse of the housing market that started in 2006 and was compounded by the recession that started in 2007. Eight in 10 of them own homes, but many live on fixed incomes, have little savings or have already burned through much of their retirement savings. They also have fewer working years left to build back what they may have lost.

    And those who are forced to re-enter the workforce often find they can't command the same salary that they did in the past.

    Like I said Obama has scewed over the middleclass , now he screws over the older class,welcome to Obama world.......you wanted change ,you got it!

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  2. william the wie
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    william the wie Gold Member

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    Yeah the next leg down in deleveraging is going to be a bitch
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Obama tellin' Congress to get onna stick an' help distressed homeowners...
    :clap2:
    Obama: Congress Should Help Responsible Homeowners
    October 20, 2012 - U.S. President Barack Obama and Republicans both focused on the economy in Saturday's weekly addresses.
     
  4. Mick01
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    Mick01 Rookie

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    Further to this:

    Don't believe the media when they tell us that inventory is down and demand is up, causing higher prices in some markets.

    This is nothing more than large institutional investment houses buying mortgage backed securities like the FED is doing, so in essence frontrunning and sometimes holding for an investment. The first large investment house just publicly ditched on this plan, and the others will follow soon, since it's not panning out.

    All those who bought the lie that the housing market has bottomed(10th time we're told that)will get hammered in 2013.
     
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  5. william the wie
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    william the wie Gold Member

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    I'm not sure about 2013 the foreclosure cycle varies by state law and it takes a while to realize that a flipper is in trouble. For example many people will not rebuild after Sandy but simply move to where the cost of living is less.
     
  6. tjvh
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    tjvh Senior Member

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    But Obama was supposed to pay people's mortgages and fill their gas tanks... Guess not.
     

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