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2012-07-21 09:06:33
The sad truth about the foreclosure crisis

The Great Recession and the real estate market collapse have touched the lives of every American in some way.  Whether it’s someone who lost their home or someone whose brother or sister lost a job, the reach of these crises is far and deep.  Unfortunately, one of the groups hit the hardest is older Americans. 

According to a recent article in the San Francisco Chronicle, 1.5 million older Americans have already lost their homes.  The article goes on to quote some other frightening statistics provided by AARP:

  • About 600,000 people 50 or older are in some part of the foreclosure process
  • About 625,000 people in the same age group are at least 3 months behind on their mortgage payments
  • About 3.5 million, or 16% of older Americans, are underwater on their mortgages (they owe more than their home is worth). 

Not only have many of these Americans lost their homes, but many are still in danger of losing their homes.  The last statistic about older Americans being underwater is potentially the most devastating.  What if these people were counting on home equity to finance their retirement?  Will they have to postpone retirement?  Will they be forced to avoid prescriptions or other medical procedures in an attempt to save money?  

This group of Americans helped create the prosperous country in which we live.  It is sad to see that they are suffering so severely.  Hopefully those in charge will realize this and figure out a way to help ease the pain that these economic times has helped create. 

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Bryan & Allison Devore

Prudential California Realty

(760) 908-3838

North San Diego County and Carlsbad Real Estate

 

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