In the second qtr. of 2007, the share of outstanding mortg. in some stage of foreclosure (FC) stood at 1.4%, up from less than 1% a year earlier. The number of mortg. entering the FC process reached an all-time high in mid-2007. The FC surge was created by a perfect storm of events. First, the share of sub-prime mortg. originations increased. Second, FC rates for adjustable-rate mortg. (ARMs) have increased, esp. for sub-prime ARMs. Finally, high loan-to-value originations, coupled with stagnant or falling home prices, have left many people with insufficient equity to sell or to refinance their homes. Here is a dissection of the current FC surge. Discusses why the FC situation is likely to get worse over the next 2-3 years a why it is likely to improve afterward. Illus.The instruction guide defines a public school as aquot;any school or college controlled and supported by a local, county, State, ... kindergarten, and schooling which leads to an elementary school certificate, high school diploma, or college degree.
|Title||:||Rising Foreclosures in the United States: A Perfect Storm|
|Author||:||Kelly D. Edmiston|
|Publisher||:||DIANE Publishing - 2008-05|