“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
HomeMarylandFrederick CountyDoubs

Doubs, MD

Blog_tag

Number of foreclosures in the USA

02-22-10
Peter Twain
Peter Twain: Real Estate - Other in Frederica, DE
  • view my blog

Recently I have read some sad statistics about the number of foreclosed houses in the USA. It turned out that out of 120 mln houses, 15 mln are on sale and more than one million are foreclosed.

I think the picture is terrible but I guess the real figures are even worse as statistics can be faked. I know that banks don’t fancy doing foreclosure sales.

They prefer to avoid it by making a deal before. A friend of mine told me that there is a tendency among owners to run away and leave their property behind. For example, according to him there are more than 75,000 such houses in Detroit.

And that’s all the consequences of Bush’s bill signed in 2004 according to which people could get mortgages without any down payment.

The saddest thing about foreclosures is people are under financial and emotional pressure and don’t pay much attention to the solution to the problem.

2 Comments