ForeclosuresNH Discovers A Disturbing Trend in the NH
Foreclosure Market
ForeclosuresNH, NH's
primary foreclosure reporting service, has discovered a
disturbing trend in the foreclosure market and boldly predicts
that this trend will continue through the end of the year. In
the 7-month span from August 2005 to February 2006, the
percentage of foreclosed properties in NH that were purchased or
refinanced in the last 2 years has jumped from 28% to 52%. This
dramatic increase in foreclosures for these homeowners is a
direct result of homeowners who couldn't afford their home but
were able to obtain financing with interest-only,
adjustable-rate or discounted-rate mortgages. Also contributing
to this trend is the softening of the housing market, which is
making it more difficult for homeowners facing foreclosure to
sell their home.
"This statistic speaks volumes about the state of the housing
market, says James Kenney, co-founder of ForeclosuresNH. "It's
becoming more evident, especially over the past 7 months, that
NH homeowners who financed their home with an interest-only,
adjustable-rate or discounted-rate mortgage were unprepared when
their mortgage payments increase anywhere from 20 - 40%."
"In keeping with this shift in the foreclosure market, we have
modified our corporate philosophy to focus not only on the
properties in foreclosure but also the homeowners in
foreclosure," added James Kenney. "In addition to the resources
available on our website for individuals looking to purchase
foreclosed property, we have also added resources for homeowners
in foreclosure to help them in the areas of budgeting,
financing, selling and relocating. We understand that
foreclosure can be an embarrassing situation, not to mention the
burden of attempting to avert the loss of a home, so our goal is
to help ease the pressure by providing some options to protect
this part of the "American Dream"."