Foreclosure Statistics

This is a very disturbing foreclosure statistics courtesy by NeighborWorks America. I would like to share to our readers.

Homeowners Facing Foreclosure

• 1 out of every 200 homes will be foreclosed upon. For a city like Washington, D.C., that translates to 3,000 Washingtonians losing their homes to foreclosure each year. - Mortgage Bankers Association
• Every three months, 250,000 new families enter into foreclosure. - Mortgage Bankers Association
• One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage. - Based on information from the Mortgage Bankers Association.
• A slower real estate market can translate into falling prices and home values. As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option.
• Six in 10 homeowners wish they understood the terms and details of their mortgage better.  - Freddie Mac/Roper poll of 2,031 U. S. homeowners, conducted 2005.
• More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individual having trouble with their mortgage. - Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.

Continue reading here: http://www.fdic.gov/about/comein/files/foreclosure_statistics.pdf