Job-Loss And Hurrincane Combination Escalates Foreclosure Woes

September 10th, 2007 | Tags: Foreclosure

A cocktail of factors has led to the foreclosure spinning out of control. The Midwest has seen a slump in job opportunities just at a time when hurricanes were taking their toll. All this has led to a critical situation with people being dispossessed from their own houses.

According to reliable sources this inglorious race is being led by Ohio, Indiana and Michigan ranking first, second and third respectively during the second quarter of this year. The opinion is that of a reputable banker’s association who know what they are talking about. Their calculations were based on facts regarding past delinquent mortgages and those who have exhausted their grace period of 90 days during this quarter. In the first group Mississippi led by 9.3%. Louisiana (7.3%), Michigan (7.6%), Indiana (7%), Georgia (6.9%), West Virginia (6.8%) and Ohio (6.7%) followed behind according to their foreclosure ratings.

In the category that had exhausted the grace period of 90 or more days Mississippi again led at 2.5% with Louisiana (2.1%), Ohio and Indiana (1.6% each) following close behind.

Ohio and Indiana were the team leaders in foreclosures with a performance of 3.6% and 3% respectively. Michigan ran third with 2.8%. However it should be noted that Michigan was the top ranker in number of mortgages entering foreclosure during that quarter at 1%. Ohio and Indiana with 0.9% each followed close behind.

Kentucky figures were slightly less cloudy with 7.7% mortgages in the past-due category, 1.2% in the over 90 days group. Here foreclosures were 1.9% and 0.6% fell into the tumble during this quarter.

According to reliable sources the country had 0.7% mortgages lapsing into foreclosures during the second quarter. 5.1% were past due and 1.1% had crossed the 90 days grace period.

Statistics and figures have their own language of conveying the message. But there are many ways of drawing conclusions. The overall impact has been felt in all pockets and corners of the country in a big way. The issue is not confined to the borrower-lender zone but has spilled over to a socio-economic matter that will inevitably have a say on the coming presidential elections. It is not merely the foreclosed victims that are being affected but the slime is spilling on to the entire neighborhood and knocking on the doors of Wall Street. This has set off an international crisis.

Search Images:

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.