As housing market softens, foreclosure rate hits historic high
Originally published by the Catholic News Service on Friday, June 15By Mark Pattison
The housing market has softened, taking a turn for the worse. For some who have already bought homes, it's possible that they'll hit a skid before the market can steer out of that turn. Those most at risk are those who used subprime loans to buy homes. A June 14 report by the Mortgage Bankers Association said housing foreclosures have hit their highest rate in 50 years. While the majority of the victims of foreclosure live in the nation's big cities, "the foreclosure issue is not just a low-income, inner-city phenomenon. We're seeing it in suburban, upper-class neighborhoods," said Michele Rodriguez Taylor, a National Training and Information Center organizer specializing in predatory lending practices. The Chicago-based center, a nonprofit resource center for grass-roots organizations funded in part by the U.S. bishops' Catholic Campaign for Human Development, works with housing advocacy groups in the Midwest and elsewhere to seek solutions.
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