From the beginning of the housing crisis, over 1.5 million senior citizens have faced foreclosure. One segment of the population at the highest risk are those 75 years of age and older (*source: 1 & 2). For example, in 2007, 0.3% of the nation’s seniors faced possible foreclosure. Today, 3.3% of seniors over the age of 75 are at risk. In addition, since 2007, the number of seniors who are seriously behind on their mortgage payments is up by a staggering 450%. In addition, it is estimated that 625,000 homeowners over the age of 50 are more than 3 months behind on their mortgage loan payments.
This situation could be influenced by several factors. First, most senior citizens are no longer working and therefore living on retirement or social security, their nest egg is gone, etc. In addition, house values have declined, so refinancing may not be an option. When they fall behind on a mortgage loan payment they find it hard to catch up.
In an effort to help seniors keep their homes, MD Representative Elijah Cummings is lobbying the federal government for help. Possible solutions could be a mortgage principal reduction program or loan modification program for qualifying seniors, etc. Whatever the solution, it is evident to Rep. Cummings that action is needed.
Overall, the market share of Boise ID foreclosures has been decreasing, and statistics show that monthly foreclosure market share percentages for 2012 are much lower than recent years, sometimes as much as 51.5% lower.
*Sources:
1. USA Today | Money Article by Josh Lederman, Foreclosure Crisis Hits Older Americans Hard, published June 20, 2012.
2. REALTOR Mag, Daily Real Estate News, Older Adults At Higher Risk For Foreclosure, June 20, 2012.
Information Deemed Reliable But Not Guaranteed