Foreclosure filings in Del. up 50 percent

[UpInArms]

http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20060630/NEWS/606300368/1006

Housing advocates and state officials are sounding an alarm about rising foreclosures in Delaware, citing a new study that found growing financial pressures are putting more people at risk of losing their homes.

Heavy debt loads, rising interest rates on mortgages and higher energy prices already have contributed to a more than 50 percent increase in foreclosure filings during the past five years, according to the study.

"We know interest rates are going up and that, in turn, increases costs for people with adjustable-rate mortgages, which can contribute to foreclosures," said Christina Hardin-Dirksen, chief of community relations for the Delaware Housing Authority. "We also all know energy costs have gone up, and that increases the burden of housing costs. We would anticipate we'll see the foreclosure rate in Delaware rise."

<snip>

"People better pay attention to what they're doing in Washington," said state Rep. Helene M. Keeley, D-Wilmington South, a member of the state's Foreclosure Study Advisory Committee. "There are people with mortgages who are going to be paying the piper. It's going to be a wake-up call."

...more...

[saltpoint]

1. Sounds like time for another of those Bush tax cuts for the wealthy.

Good times are just around the corner, folks.

Yessirreebob.

[tom22]

2. I have heard that Colorado is a disaster as is south Florida.

This market goes in cycles and the cycles usually last over 5 years.

[LynneSin]

3. And people wonder why I hestitate on buying a house

I mean, it's just me buying it and if something happens to my job I'm fucked. At least with an apartment I have the freedom to pickup and leave if need be.