Tags: avoid  foreclosure  legally  rates  stop  stopping  
Channel: News & Politics
Uploaded: December 31, 1969 at 6:59 pm
Author: icobi458
Length: 02:09
Rating: 5.00
Views: 856
http://stop-home-foreclosures.... numbers are staggering. According to RealtyTrac, Nevada has the highest foreclosure rate, one in 54 households received a foreclosure notice in the first quarter which is 3.6 times the national average. California had the second-highest rate, followed by Arizona the third.Foreclosures are on the rise due to an increased number of speculators who bought homes assuming that housing prices would increase indefinitely and due to shady sub prime lending practices. Without swift and decisive action, foreclosures they will continue to rise. Why should you be concerned with the rise in foreclosure rates?The trickle down effect of foreclosure can also have a serious impact on your community. Property values also decrease near foreclosed properties. In some housing markets, up to $220,000 in reduced property value can be expectedCrime is common effect of rising foreclosures. Foreclosed homes are usually looted hours of being vacant. Aluminum siding, gutters, doors, windows, molding, appliances and basically anything else of value is stripped from the home and sold for profit. These homes are typically wrecked in the process as well, with looters using sledgehammers to break through walls to remove valuable copper wiring. With windows and doors removed, houses are open to the elements. Many abandoned houses become dumping grounds for people that don't want to pay for trash removal.