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As the New York Times points out this weekend, homeowners aren't so worried about their homes going into foreclosure.
This is because in some states it would take lenders at their current pace up to 60 years is some places to repossess all of the homes that are in foreclosure.
States like New York and New Jersey, which handle repossessions through the courts system, are taking the longest (62 and 49 years respectively).
The Times has a great graphic that breaks down the totals by state.
• There's this quote in the Times story from an LPS vice president: “If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?’ ” said Herb Blecher, an LPS senior vice president. “Now you’re probably not losing any sleep.”
Can you find a mortgage expert in your community for comment on how they perceive the data in the Times story?
• Talk to local real estate agents about their take on how clients and other homeowners in your community are responding to the housing crisis. Are more people following the thought process that the LPS vice president notes or are more being responsible?
• What will it mean for the future of housing if more residents take a nonchalant attitude concerning their mortgages? Is there a professor of business or finance that could provide some insight?
• This issue would be a great poll or question to pose to your friends on Facebook.
Looking for more localization tips? Read past Wake Up Calls.
As the New York Times points out this weekend, homeowners aren't so worried about their homes going into foreclosure.
This is because in some states it would take lenders at their current pace up to 60 years is some places to repossess all of the homes that are in foreclosure.
States like New York and New Jersey, which handle repossessions through the courts system, are taking the longest (62 and 49 years respectively).
The Times has a great graphic that breaks down the totals by state.
• There's this quote in the Times story from an LPS vice president: “If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?’ ” said Herb Blecher, an LPS senior vice president. “Now you’re probably not losing any sleep.”
Can you find a mortgage expert in your community for comment on how they perceive the data in the Times story?
• Talk to local real estate agents about their take on how clients and other homeowners in your community are responding to the housing crisis. Are more people following the thought process that the LPS vice president notes or are more being responsible?
• What will it mean for the future of housing if more residents take a nonchalant attitude concerning their mortgages? Is there a professor of business or finance that could provide some insight?
• This issue would be a great poll or question to pose to your friends on Facebook.
Looking for more localization tips? Read past Wake Up Calls.
