The Foreclosure Report

'It's Bad Out There Right Now'

The Grand Rapids Press from Michigan. "A confluence of economic events is putting more people in a place they never expected to be: the brink of foreclosure. 'It's bad out there right now," said Sean Mansell, servicing manager for Heartwell Mortgage. 'The (real estate) market is saturated. Jobs are not as plentiful as they once were, and if they are, they're typically lower wage jobs. So people have to drastically adjust their lifestyle.'"

"The number of people losing their homes on the courthouse steps is up across the country, across the state and here at home. Some people are finding they made a poor mortgage choice in the first place. Adjustable rate mortgages are leaving the homeowner at the mercy of a fluctuating interest rate. And other creative loan options allowed people to buy a home they may not have been able to afford."

"Nearly four in 10 recent homebuyers nationally put down less than 5 percent of the home's purchase price as a downpayment, while others obtained 100 percent or even more than 100 percent financing."

posted by Ben Jones @ 2:55 PM