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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (206528)	11/23/2002 8:14:47 PM
From: BDR	Read Replies (1) \| Respond to of 436258

Worst in 30 years • Eager Rush to Own a Home Brings Rash of Foreclosures story.news.yahoo.com Nowhere is the problem more severe than in Indiana, long a leader in home ownership. At midyear, the Mortgage Bankers Association of America found 2.22 percent of Indiana's home mortgages in foreclosure, the most for any state, a trend experts attribute to the state's loose lending regulations and its rising unemployment rate, the byproduct of a struggling manufacturing economy. The home ownership rate here has slipped to 72 percent from 74 percent. All states are affected. In the three months that ended in June, the association reports, creditors across the country began foreclosing on 134,885 mortgaged homes, or about 4 in every 1,000 — the highest rate in the 30 years that the association has been monitoring mortgages. Creditors' backlogs of foreclosed homes reached 414,772, another record. . . . Foreclosures have been climbing in spite of a five-year-old Department of Housing and Urban Development (news - web sites) program intended to hold them down. When a family falls behind in payments, HUD sends the lender a check for the delinquent amount. The homeowner signs a note promising to repay the agency without interest. A senior HUD official said 72,000 families were participating this year, almost three times the number three years ago. . . . In foreclosure-prone neighborhoods, house prices are dropping, too. The developer's discreet welcome sign to the 303 houses in Indianapolis's Bayswater subdivision advertises prices in the "low- to mid-100's." Those were the prices in the late 1990's. But records of 75 sales from January 2000 to September of this show an average price of $95,000. HUD repossessed 8 of the 27 sold this year, 4 more than in 2000.