The Foreclosure Report

Home Reposessions Up In DC Area

A Washington DC area TV station has this report. "Experts said the once red-hot housing market is starting to cool, meaning home foreclosures are on the rise. But the news isn't bad for everyone. Home repossession men recover homes after a bank foreclosure. Kevin McFalls owns a Baltimore based property eviction service. He said the number of home repossessions he has overseen in the Washington area is starting to increase and that's good for business."

"According to McFalls, after an extremely slow year of repossessions in Montgomery and Prince George's counties once every few weeks, his company now takes over homes in those counties several times a week. He believes it is because of the cooling housing market, so homes aren't always selling right away."

"Doug Duncan with the Mortgage Bankers Association said he expects to see a slight rise in the number of foreclosures. Duncan also advises to be sure one has money in savings, saying people who are only paying interest-only loans now need to prepare to pay principal down the road, and should also try refinancing if they need to lock in a lower interest rate."

posted by Ben Jones @ 11:04 AM