Weekly News via Email
   Set as homepage | Add to favorites | Customer Service | Subscribe Now | Place an Ad | Contact Us | Sitemap Sunday, 02.18.2018
News Archive
Su Mo Tu We Th Fr Sa
 1  2
 3  4  5  6  7  8  9
 10  11  12  13  14  15  16
 17  18  19  20  21  22  23
 24  25  26  27  28  29
Online Extras
Site Services
Around Bend
Outdoor Fun
Travel Info
Shop Local

Members Of

Poll: Today's Live Poll
Email to a friend | Print this | PDF version | Comments (0 posted) 
  Blogger |   del.icio.us |   digg |   newsvine

Feb 29,2008
Foreclosure option: Sure, why not?
by UPI

WASHINGTON - Not every homeowner is crushed by the prospect that a bank might foreclose on their home, a report issued Friday said.

In better times, when loans were less restricted, many homeowners jumped into mortgages with little or no down payments, The New York Times reported.

In 1989, the National Association of Realtors said, the median mortgage down payment was 20 percent. In 2007, the figure had dropped to 9 percent.

Almost a third -- 29 percent -- of home buyers put no money down, the report said.

For many that meant home ownership was not much different than a rental agreement. With adjustable rates -- 39 percent of the mortgages written in 2006 -- a raised rate was equal to a landlord raising the rent.

With the value of homes declining, some prefer to drop a mortgage quickly rather than struggle and end up with a bad credit history.

If the value of homes falls 10 percent more, one analyst said 20 million home owners will owe more than their house is worth.

"Will everyone walk out? No," said Christian Menegatti, of RGE Monitor. But, "I wouldn't be surprised to see 5 or 6 million homeowners walk away."

© 2008 United Press International. All Rights Reserved.

2863 times read

Related news
Credit Unions Help Make Homes More Affordable by newsusa posted on Feb 09,2006

Tame your out-of-control equity line of credit by Lynn O'Shaughnessy posted on Jun 21,2006

Mortgage rates drop again, lowest since March 2004 by Bend_Weekly_News_Sources posted on Jan 25,2008

Mixed results for October existing-home sales; Mortgages improving by Bend_Weekly_News_Sources posted on Nov 30,2007

Did you enjoy this article? Rating: 4.90Rating: 4.90Rating: 4.90Rating: 4.90Rating: 4.90 (total 21 votes)

Market Information
Breaking News
Most Popular
Most Commented
Featured Columnist
Horoscope Guide
Aquarius Aquarius Libra Libra
Aries Aries Pisces Pisces
Cancer Cancer Sagittarius Sagittarius
Capricorn Capricorn Scorpio Scorpio
Gemini Gemini Taurus Taurus
Leo Leo Virgo Virgo
Local Attractions
Bend Visitors & Convention Bureau
Bend Visitors & Convention Bureau

Mt. Bachelor Resort
Mt. Bachelor Resort

Les Schwab Ampitheater
Les Schwab Ampitheater

Deschutes County Fairgrounds
Deschutes County

Tower Theatre
Tower Theatre

The High Desert Museum


Deschutes County

  Web    BendWeekly.com
© 2006 Bend Weekly News
A .Com Endeavors, Inc. Company.
All Rights Reserved. Terms under
which this service is provided to you.
Please read our Privacy Policy. Contact us.
Bend Weekly News & Event Guide Online
   Save the Net
External sites open in new window,
not endorsed by BendWeekly.com
Subscribe in NewsGator Online
Add to Google Add to MSN Add to My AOL
What are RSS headlines?