“Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times. Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures. The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts. About 6% of loans held by persons over 50 were delinquent in 2011, up from 1% in 2007. One of the problems is older Americans are saving less and borrowing more, said AARP.”
http://www.housingwire.com/news/monday-morning-cup-coffee-homeowners-over-50-fall-foreclosures
Related posts:
U.S. ex-DEA agent in unlikely new role with pot investment firm
Gold Scrap Supply to Drop Up to 25% as Lower Prices Deter Sales
Thousands of new laws take effect on New Year's Day
Poll: Feds should back off when states legalize pot
PayPal unfreezes $45,000 cancer donation after media investigation
Homeland Security employees warned to watch out for blowback
German economic miracle leaves the poorest behind
Nineteen ICE agents call for dissolution of agency
Widespread abandonment of farming changes Italy's landscape
Bank of Japan Cuts Inflation Forecast, Maintains Record Stimulus
American Expat Taxpayers Would Rather Ditch Citizenship Than Face New IRS Rules
Trump in Line to Receive Top U.S. Intelligence Secrets
Privacy fears cause more to cover online tracks
$10 trillion IPO plan for Saudi Aramco confirmed
Japan Firm Told Workers To Lie About Radiation Dose