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Do you still have a roof over your head?
The spiraling rate, at which foreclosures are rising, is only an indication of the bad economic and social scenario that is set to hit the country. Risky borrowing practices are ensuring that homeowners across the U.S are steadily losing the roofs on their heads, and the pace is expected to accelerate. Realestate.msn.com reports:
In the last few years, many buyers took out interest-only, variable-rate loans, and in some cases put no money down to afford a house, said Frank Nothaft, chief economist with government-chartered mortgage giant Freddie Mac. He estimates one out of every three loans issued in 2005 was an adjustable rate mortgage. Now that we’ve seen 14 consecutive interest-rate increases since June 30, 2004, many of these loan rates are bumping up, increasing the size of mortgage payments.
Read more: More Americans are losing their homes
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