Foreclosure crisis hits older Americans hard

[Nova78]

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!

 

[william the wie]

Yeah the next leg down in deleveraging is going to be a bitch

 

[waltky]

Obama tellin' Congress to get onna stick an' help distressed homeowners...

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.

The president urged Congress to pass legislation that would help responsible homeowners refinance their mortgages at historically low rates. Obama accused Republicans of sidelining the plan, which he said could give homeowners a chance to save about $3,000 a year. "Republicans in Congress still won't let that happen. And that's only held back the economy, when we should be doing everything we can to accelerate our economic engine," said Obama.

In the Republican address, Congressman Jeff Flake of Arizona said President Obama had done little to improve the economy during his four years in office. "His answer to persistently weak jobs numbers is pressure to spend another half a trillion taxpayer dollars on legislation that would fail to even take steps to deal with the economic slowdown," said Flake. Flake said the four years of Obama's presidency have represented a "recess from fiscal sanity." Flake called on Senate Democrats to pass a budget, saying "it is time for us to get to work."

Meanwhile, Republicans sharpened their attacks on Obama for his handling of last month's deadly attack on the U.S. consulate in Libya. In a statement released late Friday, House Homeland Security Committee chairman Peter King demanded that Obama release the intelligence data that led administration officials to initially call the attack a spontaneous reaction to a film posted on the Internet that had angered Muslims.

The September 11 attack on the U.S. consulate in Benghazi killed U.S. ambassador Christopher Stevens and three other Americans. Obama could face more questions about his administration's handling of the attack on Monday when he squares off against Republican presidential challenger Mitt Romney in the third and final debate before the November election. The debate, in Florida, will focus on foreign policy.

Source

 

[Mick01]

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.

 

[william the wie]

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.

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.

 

[tjvh]

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