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While most of the U.S. has been enjoying a healthy and robust real estate market with minimal "days on the market", many states in the country's heartland are reeling from record foreclosure numbers.
States like Ohio, Texas, Georgia and even Florida are suffering from economic situations created by the shift from industrially-based economies to service. As the industrial jobs are lost, in areas where new jobs are created, they are not of the same wage and benefit level.
In addition to job loss, there are many homeowners who were victims of predatory lending or who secured Interest Only loans or other similarly risky financing options.
Oh yeah its only getting worse. In my city its seems like the foreclosures are doubling every 6 months, for the past year. The short sales are really hot right now also. I'm wondering if there would be more foreclosures if it wasnt for the short sales. I guess will see what happens in the next few years.
|Jennifer Mathes, Ph.D.|