The news today is that the US Economy is expanding faster than estimated. One might think that things out there are looking better for struggling homeowners.
That’s not the case.
Today Cape Cod Times and the Boston Herald report that Massachusetts home foreclosures rose by 66.5 percent in July, compared to July 2006. Foreclosure auctions were up 130 percent in July. The Cape only saw a 27 percent increase in foreclosure petitions. However, Nantucket foreclosures more than doubled.
All of this information is important for homeowners, especially those who are still clinging to the hope that they will be able to refinance their mortgages. There are good reasons why that hope exists. Among them are the assurances they received from mortgage brokers and others who told them their property values would continue to rise, and they could borrow against their equity.
But as foreclosures continue rise and as prices deflate that hope is starting to run out. The question now: are homeowners running out of time? And that is a question I cannot yet answer.
Related posts:
- Behind the Foreclosure Numbers
- Barnstable County Foreclosure Rate Highest in State
- The Road to Foreclosure: Non-traditional Mortgages
- Predators in our Midst: A Warning for Homeowners Facing Foreclosure
- Redux Predators in our Midst: A Warning for Homeowners Facing Foreclosure
Tags: In the News
Great work.