Study: Multiple Woes Lead to Foreclosures — New York Real Estate

Study: Multiple Woes Lead to Foreclosures

by Raja Tayeb on April 9, 2010

foreclosure

In a Florida study that could shed light on other financially strapped households, homeowners who faced foreclosure during the housing bust were not driven into that situation by a single factor but were victims of multiple issues that left them financially strapped, according to a study for the Florida REALTORS®.

“What we found in talking with people who’ve gone through foreclosure is that there’s a ‘plus-one factor,’ meaning job loss coupled with other circumstances such as divorce or health problems that usually led to homeowner distress,” says Joel Searby, director of marketing for Strategic Guidance Stems, which conducted the survey.

Other findings:

• 20 percent had incomes between $50,000 and $75,000; 20 percent had incomes greater than $100,000.

• 55 percent had attended college or graduated.

• 92 percent were married.

• 35 percent had lived in their homes for 10 years or more.

• 40 percent had lived in their homes five years or less.


Source: Miami Herald, Toluse Olorunnipa (04/07/2010)

Posted via web from New York Real Estate Access | Real Estate Blog

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