1 out of every 200 homes will be foreclosed upon. For a city like Washington, D.C., that translates to 3,000 Washingtonians losing their homes to foreclosure each year.
– Mortgage Bankers Association
Every three months, 250,000 new families enter into foreclosure.
– Mortgage Bankers Association
One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage.
– Based on information from the Mortgage Bankers Association
A slower real estate market can translate into falling prices and home values. As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option.
Six in 10 homeowners wish they understood the terms and details of their mortgage better.
– Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage.
– Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
The Financial and Emotional State of Homeowners Facing Foreclosure Homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly.
– Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
If home foreclosure were likely for you, what best describes how you would feel?
38% Scared
35% Depressed
9% Angry
8% Embarrassed
9% None of these
– Harris Interactive poll of 1,334 U.S. homeowners, conducted October 5-7, 2005.
Many homeowners already are at the financial edge:
43% of American households spend more than they earn each year.
– Homeownership Preservation Foundation data of 60,000 homeowners
52% of employees live paycheck to paycheck.
– The MetLife Study of Employee Benefit Trends: Findings from the 2003 National Survey of Employers and Employees, November 2003.
Nearly 42% of all American households do not have enough in liquid financial assets to support themselves for at least three months.
46% of American households have less than $5,000 in liquid assets, including IRAs.
- Asena Caner and Edward N. Wolff, “Asset Poverty in the United States: Its Persistence in an Expansionary Economy,” Levy Economics Institute of Bard College, 2004
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