Posted by Madonna Gillum on October 30, 2007 at 12:04:23:
While things are looking up in Ireland with a decrease in interest rates in the housing market, the U.S. seems to be plagued by the same issues that were faced in 2007 by the Irish. The mortgage industry seems to be flailing with a lot of companies closing. As a result, there is an alarming increase in foreclosures on loans. Some see the problems as a result of inflated property value estimates and loans that are much higher than the property value. This has allowed people to "consolidate" debt when refinancing their homes through mortgage companies. Because of the large loans, people are unable to meet their obligations resulting in foreclosures. A huge increase in property taxes is another problem facing the "working middle class", also resulting in people losing their homes. Some people have seen their property taxes increase by 300% over last year! We can only hope that 2008 will be a better year!