123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Over 1.2 Million Homes Gone Due To Recession

Profile Picture
By Author: Timothy McFarlin
Total Articles: 13
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

This week, a recent report from the Mortgage Bankers Association, shows 1.2 plus, million households have been lost in the recession. This number is based on data between 2005 and 2008 and does not include any information from last year—when the number of foreclosures rose.

According to the study, conducted by professor, Gary Painter from the University of Southern California, the number of overcrowded households (more than one person per room) has increased five times. It's no secret the homeownership rate is dropping steadily, nationwide. Renters have been forced to move in with family and friends. This explains why US apartments remained at 8% within the first quarter—according to a recent report from Reis, a real estate research firm, the highest level since 1986.

As well, homeownership numbers continue to drop. Roughly 300,000 foreclosure filings are made monthly. And according to Fannie Mae Chief Economist, Doug Duncan, there are presently, approximately, 5 million homeowners, 90 days or more, past due on their mortgages. Lenders are scrambling to fix bad loans and mortgage defaults.

Surprisingly, ...
... millions of homeowners, who are current with their mortgages, owe way more than their homes are actually worth. And despite the government's newest guidelines encouraging lenders to reduce the principal owed on loans, this process is primarily voluntary. Getting lenders to comply is another issue entirely. But at least the effort has been made on the part of the government.

Sadly, since so many lenders have been remiss in cutting the mortgages in order to make reasonable, monthly payments, numerous homeowners and their families are simply leaving their homes. Strategic defaults, as they're called, though harmful to borrowers' credit scores, are becoming the trend. Consequently, another recent study conducted by the Department of Housing and Urban Development shows family homelessness on the rise in suburban and rural areas, since the recession.

The limited existing research tells a story of increasing homelessness among adults ages 50 and older, reported the National Alliance to End Homelessness.

The number of new households is projected to rise in roughly two years from now, according to the recent MBA report. It's interesting to note, from 2005-2008, the 1.2 million homes lost, were lost while the population grew by approximately 3.4 million.

Fortunately, though slowly, the government is finally working on ways to better assist homeowners and borrowers. The amount of time spent and sensitivity to owners, is what lenders and the government must focus on now.

The author is an authority in bankruptcy and loan modifications.

Total Views: 124Word Count: 410See All articles From Author

Add Comment

Business Articles

1. Technology Landscape, Trends And Opportunities In Cognitive Security Market
Author: Lucintel LLC

2. Technology Landscape, Trends And Opportunities In Broadcast Switcher Market
Author: Lucintel LLC

3. How Sustainability Consultants In The Uae Help You Go Green
Author: GREEN BUILDING

4. Technology Landscape, Trends And Opportunities In Bipolar Type Ldo Linear Regulator Market
Author: Lucintel LLC

5. Professional Hair Salon In Santa Monica For Exceptional Style
Author: Jeny Mark

6. Trusted Santa Monica Hair Salon For Your Perfect Look
Author: Jeny Mark

7. The Timeless Importance Of Gold
Author: Londe Jewellers

8. Data Center Security In Chennai: Providing Protection For Critical Infrastructure
Author: Qadit

9. Data Privacy And Security In Bangalore: To Safeguard The Digital Future
Author: Qadit

10. Technology Landscape, Trends And Opportunities In Battery Packaging Market
Author: Lucintel LLC

11. Stylish Louisville Blinds And Drapery For Your Home
Author: Deny Mark

12. Enhance Your Home With Window Blinds In Louisville, Ky
Author: Deny Mark

13. Best Dinner Restaurants In Noida – Experience Fine Dining At Stellar Binge
Author: Stellar Binge

14. Technology Landscape, Trends And Opportunities In Flip Chip Package Market
Author: Lucintel LLC

15. Why Muscat Is Becoming The Go-to City For Cryptocurrency Exchange Development
Author: Harperbrown

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: