I live in Miami-Dade County, in Miami, Florida. In the entire United States, we have the highest rate of foreclosure.
I am not exaggerating – it’s a statistical fact.
My home has decreased in value by $50,000 in the last two years – well after the bottom supposedly fell out of the real estate market. I don’t plan on walking away, because I can actually afford my mortgage – I only bought what I could afford.
But others? They leave. Or they are forced to leave because they can’t afford their home loan and aren’t able to get a home loan modification…and houses quickly fall into disrepair. And then this is what happens.
If more people were able to refinance their high-interest rate mortgages, it may help this foreclosure crisis, but it’s so hard for so many people because many are also unemployed and unable to get approved for new loans with low credit ratings!