Homes with foreclosure filings jump 26% in first quarter, partly reflecting rising property taxes and insurance premiums
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There is something else at work here. First the filings are off a low base.
Second the sales price of housing has been declining. This does not hurt a person that is not moving and has a 3 percent mortgage. The problem comes when people are required to sell. Divorce, job relocation, sickness life in general. Typically for a U.S. person this need to move happens in roughly a 5 year cycle.
When one has to sell and they have negative equity, it leads to foreclosure.
I expected this and expect it to accelerate.
Cheers
Qazulight
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