ForeclosuresNH Discovers A Disturbing Trend in the NH Foreclosure Market
ForeclosuresNH, NH's primary foreclosure reporting service, has discovered a disturbing trend in the foreclosure market and boldly predicts that this trend will continue through the end of the year. In the 7-month span from August 2005 to February 2006, the percentage of foreclosed properties in NH that were purchased or refinanced in the last 2 years has jumped from 28% to 52%. This dramatic increase in foreclosures for these homeowners is a direct result of homeowners who couldn't afford their home but were able to obtain financing with interest-only, adjustable-rate or discounted-rate mortgages. Also contributing to this trend is the softening of the housing market, which is making it more difficult for homeowners facing foreclosure to sell their home.
"This statistic speaks volumes about the state of the housing market, says James Kenney, co-founder of ForeclosuresNH. "It's becoming more evident, especially over the past 7 months, that NH homeowners who financed their home with an interest-only, adjustable-rate or discounted-rate mortgage were unprepared when their mortgage payments increase anywhere from 20 - 40%."
"In keeping with this shift in the foreclosure market, we have modified our corporate philosophy to focus not only on the properties in foreclosure but also the homeowners in foreclosure," added James Kenney. "In addition to the resources available on our website for individuals looking to purchase foreclosed property, we have also added resources for homeowners in foreclosure to help them in the areas of budgeting, financing, selling and relocating. We understand that foreclosure can be an embarrassing situation, not to mention the burden of attempting to avert the loss of a home, so our goal is to help ease the pressure by providing some options to protect this part of the "American Dream"."
About the Author
James Kenney is the co-founder of ForeclosuresNH. ForeclosuresNH provides a detailed and updated, foreclosure and property database with many complimentary services as well as a support network of resources for homeowners who are in or are facing foreclosure.