Rise in Foreclosures Free Essay, Term Paper and Book Report
The Rise in Foreclosures
Over the past several years, there has been a significant rise in the amount of foreclosures on homes. During the early to mid part of the decade, the housing market was enjoying a profitable era with the amount of new home sales reaching significant heights. With the rise in home sales, the value of homes also rose dramatically. With a strong economy, home owners were upgrading by selling their smaller and more affordable homes and purchasing larger and more expensive homes. The latter half of 2005, was the start of a downward trend in the housing market. New home sales began to drop throughout 2006 at an alarming rate.
In 2007, with the economy beginning to trend downward, individuals who purchased homes with adjustable rate mortgages, realized the monthly mortgage payments were no longer affordable and as a result, ended up in foreclosure procedures which caused a scare in the banking industry. With banks becoming increasingly cautious about whom to approve mortgages for, there was also a decline in individuals refina......
Word Count: 1178
Page Count: 4.7 (250 words a page / double spaced)
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