From CNN/Money:
Foreclosure rates up big in December
Americans continue having difficulties paying their mortgage obligations, with December foreclosure rates above the 100,000 mark for the fifth straight month.
The number of homeowners entering into some stage of the foreclosure process in December was 109,652, down 9 percent from November but up 35 percent from December 2005, according to RealtyTrac.
Adjustable rate mortgages, especially sub-prime ARMs, continue to drive the spike in foreclosures: Many of those loans are due to reset in 2007 and many of the loans written in 2006 are performing less well than previous years.
“The combination of slower home sales and rising interest rates on ARMs continues to drive foreclosures at significantly higher numbers than a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac.
Other factors are involved. One is that the housing market turned, removing one avenue of escape for some homeowners facing foreclosure. “People would be reselling their homes if they got into trouble,” says Rick Sharga, VP of marketing for RealtyTrac.
When they can’t sell at or above what they owe, they may go into delinquency instead.
New Jersey makes it top 10 in foreclosures!
As of yet 1 in 856 houses in NJ entering foreclosure.
>>
The chart in the article lists best foreclosure performers at the bottom!
But it’s “different” here?
Don’t people know we’re “just minutes from NY City”?
This is only the beginning of a long-term trend. People are learning the hard way that there are consequences of living beyond their means. The new mantra will be budget, save and invest.
If there is a foreclosure near Princeton, I think that it makes sense to buy rather than to live in an apartment.
But buying foreclosure is not easy. You have to pay monthly fee to search, and in most cases, there are somethings hidden to be repaired. Is it ture?
ledward
Foreclosures are tricky. Do your research of the foreclosure buying process before pursuing any propective property. If you don’t know what you are getting into, you can end up with a money pit.
ledward-
also, you can go to local banks and ask for lists of houses in foreclosure, there’s also been a few links on this website for auctions…
JM
Who’s the one poor sap in VT that can’t pay his/her bills?? Let’s point and laugh from NJ…
hahahhahaha ahhhh… I wish I lived in VT :(