Where has the forclosed on population gone?

I%26#039;ve heard so much about record high forclosure rates and mortgage companies taking record high loses, but where have those people gone? Are they all renters now owing their soul to the company store? Are they homeless and on the streets? Are they taking State and Federal aid to stay out of the red? Its a massive chunk of the population that has suffered a forclosure due to the inability to pay their mortgage, no doubt due to higher unemployment rates, higher interest rates and an overall weaker economy. But, what are these people doing now? With homesteads on a steady decline, should I start buying these bank owned homes and become a landlord?

Where has the forclosed on population gone?payment calculator

Most bought homes they could not afford. That was their fault. They lost a home not a job. Most are still earning a comfortable salary and are either renting or have moved in with relatives (Hi mom, we%26#039;re back!).

Where has the forclosed on population gone? loan

They%26#039;re not all victims, and don%26#039;t let people tell you they are. Most of those people knew their limits, yet exceeded them to keep up with the Joneses. I could have gotten a giant house too, but I knew it would break the bank, so I continue to rent, rather than have the government bail me out of a bad decision. I imagine most of the foreclosees (if that%26#039;s a word) are either renting or have tried to find smaller homes.|||Some of these foreclosures were investment properties never occupied. They were bought to be flipped for immediate profit. When that didn%26#039;t materialize, the owner just walked. No family was displaced. Some families have been displaced and are now renting. So rents are rising in general, but the tenant quality is not good. The best tenants bought and kept their homes.