Tuesday, July 10, 2007

Did you sign up for a subprime loan?

Subprime Meltdown: Doomsday Coming in October For The Subprime Mortgage Industry - Consumerist

My grandfather was a director for Delta Community Credit Union (formally Delta Employee Credit Union) for some 50 years. We were just talking about this subject the other day. I've been seeing signs of problems due to subprime loans for a while. According to Realtytrac.com, Georgia has the highest rate of foreclosures as of early 2007. Henry County is pushing 1 foreclosure for every 154 households. That's just amazing!

When I was a kid I never heard of a foreclosure. It just wasn't part of the world. Now it's so pervasive that in my neighborhood of $200k-$1+million homes, we're having repeated foreclosures, and a lot of them.

This could be a good turn around though. From what I can tell, the people being foreclosed upon are those who are a little less than desirable when looking at property values. Perhaps some of these homes will be bought up by responsible owners.


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1 comment:

Raven said...

It's awful here, due to people getting ARM loans and having their payments double. Thankfully, my 80/20 is fixed for the 80 part, and the 20 part has only gone up and down by about $20/month.

Check this out for my county's foreclosures:

http://www.startribune.com/projects/foreclosures/