National Mortgage Foreclosures Reach an All Time High

The number of homeowners receiving foreclosure notices hit a record high in the spring of this year. The spring quarter is the third consecutive quarter that foreclosures reached a high. The delinquency rate is up also. This is the notice that lets people know they are behind on their payments.

Many economist feel the reason for the number of foreclosures is due to loss of jobs in the Midwest and and over inflated housing market in the coastal states. Many people in the manufacturing industries in the Midwest have lost their jobs. Many of the workers work for auto-companies that are trying to cut labor. The over inflation of coastal homes is due to the five year real estate boom where people were buying homes and selling them quickly to make a quick profit. This over-inflated the prices of the homes and now the market has turned stagnant.

Another contributing factor to all of this is rates on adjustable mortgages are expected to increase causing peoples monthly payments to double or triple. Many people will have no choice but to let their homes go.

I have been adamant about the Cabot AR real estate market and it going strong. I will admit that there has been a slow down, but nothing dramatic like other parts of the nation. If you would like info about cabot ar real estate, click on the link.

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