High unemployment is fueling a situation that is already bad to begin with. The house foreclosure crisis continues to escalate will no real end in sight. It’s a painful time for many house owners across the country struggling to pay their mortgages and stay out of trouble. With the number of jobs available decreasing, paying a mortgage is becoming increasingly difficult for anyone familiar with the cost of maintaining their mortgage bill on time.
Many cities that were once insulated for the most part from the housing crisis are becoming hit hard. A growing number of propertyowners are falling drastically behind on their mortgage payments, and placing themselves in the path of foreclosure. For many it’s already too late, and their houses have been taken by the lenders they once borrowed from.
Out of the country’s 206 largest cities, foreclosure activity has increased in 149 of them. We are seeing an overall foreclosure increase in cities across the country, and no one is safe anymore. It isn’t an increase in the mortgage payments that are driving the increase behind the foreclosure rate numbers. It is mainly the result of many people losing their jobs, and not being able to find another that can provide the same benefits and rate of pay.
With the economy at a low point, the loss of jobs has actually created a second wave of foreclosures hitting across the country. While the initial foreclosure filings occurred due to high property prices and bad loans, the current foreclosures are a direct result of unemployment and people not having enough money to pay their bills on time. It has become a double whammy of sorts.
Many metropolitan areas are being hit the hardest with the new rise in foreclosure activity. From Houston to Seattle, and even Chicago now, the overall number of foreclosures has increased by between 15 and 30 percent in recent times. Now is the time for people across the country to take advantage of a bad situation.
As the economy improves, and unemployment numbers decrease, the housing markets should stabilize at a point in the future. Until then, many people must become creative and find ways to make ends meet. With so many houses becoming foreclosed on, property preservation companies are quickly becoming a great way for individuals to take advantage of a bad situation. Houses need to be maintained and remain up to date so that the banks can place them on the market again. With so many properties sitting vacant, people are learning that finding jobs cleaning these abandoned houses is a great way to earn some much needed money.
With the housing crisis continuing to plague our country, there doesn’t seem to be an end in sight. All speculation points to 2013 as the year the housing market may stabilize again, but there is really no way of knowing for sure what is going to happen. With places like California, and Arizona being hit the hardest, there are opportunities where many see none. Although this may be a painful time for many propertyowners across the country, the fact remains that these preperties being vacated need to be maintained and this creates jobs for others.
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