Foreclosures Hurt Everybody

If you think that you will not be affected by the increase in foreclosure, do not kid yourself

Even if your home is not threatened, you can lose much of the growing foreclosure rate.

The numbers are staggering. Nevada has the highest foreclosure rate, according to RealtyTrac. 1 in 54 homes received a notice in the first quarter which was 3.6 times the national average. California ranks second, followed by Arizona.

243 353 people received notification in April. This is a significant increase from last year when only 147 708 received a foreclosure notice. It is also an increase of 4% in March. The numbers are based on reports from RealtyTrac Inc.

Foreclosures are increasing due to real estate investors who bought the house thinking that home prices will continue to grow and because of shady sub prime lending companies. Without quick and decisive action, foreclosures will continue to grow.

Why be concerned with the increase in foreclosure rates?

trickle down effect foreclosure can also have a serious impact on their community. a foreclosure can cost as much as $ 34,000. Trash removal, unpaid utilities, police and sheriff's costs, inspections and possibly even the destruction of property all contribute to that price. Property value plummet over the foreclosed home. In some housing markets, to $ 220,000 in asset impairment can be expected

Crime is the combined effect of rising foreclosures. Foreclosed homes are usually stolen hours to be empty. Aluminum siding, gutters, doors, windows, molding, appliances and almost anything else of value was taken from the house and sold for profit. These houses are usually broken in the process, as well, with the robbers using sledgehammers to break through the walls to remove the valuable copper wire. The house is literally vulnerable to looting. Many abandoned houses become dumping grounds for people who do not want to pay for garbage removal.

We all have a responsibility to act aggressively to help families stay in their homes, and to halt the wave of foreclosures that continues to serve as a serious drag on our overall economy.

If you have neighbors facing foreclosure, let them know that help is available. Their problem could soon become your nightmare. There is help available for anyone facing foreclosure. Until Congress acts, there are many options available to those facing foreclosure. For those who need it, there is a legal aid and many lenders are willing to extend the grace period for late payments.