A real estate analytics firm observed that homes with larger mortgages are currently more susceptible to undergo foreclosure, a March 5 article of The Wall Street Journal reported.
In the data provided by CoreLogic, foreclosure rates last year for homes with mortgages of $750,000 and above had increased by 2.5 percent. In the past, more expensive houses saw fewer foreclosures, but since the recession, this trend has clearly changed. Deputy Chief Economist Sam Khater explained that in 2008, rich homeowners were affected by plummeting stock market during the foreclosure crisis. Khater also noted that some of the expensive homes are located in states with higher foreclosure rates, which may further contribute to the explanation.
The Cedar Rapids lawyers of Hong Law, PLC, understand how difficult it is for homeowners to be threatened with foreclosure. If you are in such a situation, we may possibly offer you other options to prevent your home from being taken away from you. Find out how we may help you today by calling (319) 294-5853.
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