FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

CONCORD, N.H.—With about seven months to go until their November rematch, both Republican Sen. John Sununu and Democrat Jeanne Shaheen are emphasizing an issue that hits many voters particularly close to home.

Though New Hampshire’s mortgage crisis is more muted than many states, the number of homes going through foreclosure has quadrupled in the last three years and continues to rise. Foreclosures rose steadily from about 500 in 2005 to just over 2,000 in 2007 and are expected to approach 3,000 by the end of this year.

Dean Christon, executive director of the New Hampshire Housing Finance Authority, said there are two main factors in the increase: the slowdown of the real estate market and the rise in subprime mortgages, made to borrowers who don’t qualify for traditional loans, usually because of bad credit or low income. By the end of last year, subprime mortgages made up 12 percent of all mortgages in the state but 62 percent of all foreclosures. And because many subprime loans are based on adjustable rates that remain steady for a few years but then rise, the next few years are expected to be even worse.
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Tags: mortgage crisis, Mortgage News, Shaheen, Sununu

This entry was posted on Sunday, March 23rd, 2008 at 6:04 pm and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.