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jim12
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 Posted: Mon Mar 20, 2006 1:13 pm Post subject: Indiana worst hit by foreclosures |
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I saw that Indiana was the worst hit state in terms of foreclosures during final quarter of last year. Any specific reasons?
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| Posted: Mon Mar 20, 2006 1:34 pm Post subject: |
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Jim,
I think the reasons behind that are factory layoffs, personal bankruptcies, stagnant home prices and aggressive lending.
Murphy |
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Mar 20, 2006 1:35 pm Post subject: |
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Getting loans easily these days may be a factor. Today people can gat a mortgage loan with almost zero down payments.
If there is a loss of job, marriage break-up or too much credit card and medical bills, then there is every chance that these borrowers can face a foreclosure by failing to meet the mortgage payments.
James |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
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| Posted: Mon Mar 20, 2006 2:21 pm Post subject: |
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Jim,
All the factors stated above are definite reasons behind the rise in foreclosures in Indiana. Another reason that may have caused this situation is that borrowers fail to judge the right type of loans for them.
Lot of borrowers took adjustable rate loans and when the rates increased they got into trouble. This was primarily due to failure in judging and comparing the terms and conditions of these loans.
Regards,
Blue |
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