Real Estate Experts: The Foreclosure Crisis Isn't Going Away
November 13, 2012 Business News(PRLEAP.COM) Several prominent authorities are warning that the United States' foreclosure crisis is not yet over. In the coming years, millions of Americans stand to lose their homes to foreclosure.
The Center for Responsible Lending notes that over 255,000 homeowners received notices of default last year in California alone. Of those recipients, over two-thirds were forced out of their home due to foreclosure.
During the same period, nearly 120,000 Californian families were thrown out of their homes by the short sale process. Altogether, nearly 300,000 of the state's families became homeless in 2011 thanks to the lingering effects of the real estate crisis.
Around the country, the picture is much the same. According to RealtyTrac, a prominent real estate tracking firm, one out of every 730 American residential properties received a notice of foreclosure in September of 2012. In other words, hundreds of thousands of families stood to lose their homes in that single month.
In some states, the foreclosure rate has reached alarming new highs. In Illinois, over 14,000 homeowners received foreclosure notices in September 2012. In Florida, one in every 300 homes entered foreclosure during that same 30-day period.
Financial experts often cite the foreclosure crisis that exploded during the late 2000s as a principal cause of the so-called "Great Recession." During the depths of the crisis, millions of homeowners became saddled with outrageous mortgage payments and couldn't afford to remain in their homes.
Mortgage debt is a major contributor to the ongoing household debt problem. According to the Consumer Federation of America, mortgage debt represents over 80 percent of the typical American family's debt load.
Other kinds of debt can be more destructive. The remaining 20 percent of the typical family's debt load is comprised of high-interest unsecured debts like medical bills, judgments and outstanding credit card bills.
These unsecured debts often push Americans struggling to stay current on their mortgages into serious financial trouble. Many feel that the only way out of their personal debt crises is to declare bankruptcy and destroy their credit ratings for years to come.
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Unlike other forms of debt relief, debt settlement can reduce its users' total debt burdens in as little as two to four years.
Thousands of Americans have benefited from National Debt Relief's debt settlement program. Debt settlement requires no upfront payments and no expensive "monthly maintenance" fees. It is widely recognized as the best available alternative to bankruptcy (http://www.nationaldebtrelief.com/isdebtsettlementrightforme/)
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