The high price of home ownership
NTIC was recently featured in the Chicago Reporter's web-exclusive article "The high price of home ownership." NTIC's foreclosure numbers were featured prominently, and Research Director David Rose was also quoted:In May 2007, The National Training and Information Center released a report that
showed that of the homes that foreclosed with its first two years of purchase,
97 percent were because of adjustable-rate mortgages, said David Rose, interim
director and the report’s author.
Foreclosures in Chicago had been on the
decline until 2005 when the amount of foreclosures increased 36.9 percent from
2005 to 2006. Early numbers for 2007 indicate that the increase is expected to
be as high from 2007 to 2008, said Geoff Smith, Woodstock research
director.
“You really don’t care what happens to the homeowner. You know the
homeowner is going to fail. You just want to make sure not too many of them fail
that it winds up affecting your return,” Rose said about Wall Street investors.
Read the entire article here .
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