Archive for 'HUD Foreclosures'

New statistics show that areas of the country near military bases or that house a significant population of military families are seeing very high rates of foreclosure. The Joint Economic Committee released a report today detailing that the average foreclosure rate around the 24 biggest military bases in the country is significantly higher than the national average for the nation, which worries many legislators and military officials. Usually the Veteran Affairs, or VA, department seeks to provide military families with low cost loans, but some are speculating that many families may have been lured by the draw of sub-prime loans with very low initial costs in recent years and foregone the VA department mortgage loans completely.

The average rate of foreclosure in the 24 areas surveyed was also found to have increased by nearly 80% from 2007 to 2008, sparking concerns that this trend could continue. Many are worried that an unpopular war and the burdens many military families already have to bear could make this issue of supreme importance in coming years, as people feel the government should be doing something to aid its soldiers in their home mortgage woes.