Daily Real Estate News April 4, 2008
Rural Areas Hard Hit by ForeclosuresRural America hasn't been immune to the mortgage crisis. The Housing Assistance Council, a nonprofit that helps build housing in rural areas of the country, has found that foreclosures are prevalent in small towns and sometimes are overlooked in surveys as being a major problem.Mobile and prefab homes make up at least 15 percent of the nation's rural housing, and three-quarters of them were financed with installment or personal property loans rather than mortgage loans, according to the HAC. When the owners default, it leads to repossession rather than foreclosure, and these defaults are not included in the foreclosure data.In small towns, even one or two foreclosed properties can have a big impact on the community, says James Pedrozo, a Mercer County, Calif., supervisor. "It's not just that property values go down, but also people lose their neighbors and their community," he says.
Source: The Associated Press, Evelyn Nieves (04/03/08)
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