Virtually all of today's home sales and mortgage refinance statistics are extremely positive, primarily due to the record-low home mortgage interest rates. Yet, home mortgage foreclosures statistics are also high in many communities, despite a robust national home sales market. But just a few weeks ago, HUD (U.S. Department of Housing and Urban Development) held a nationwide auction of more than 4,000 of its FHA-foreclosed houses. Why the disparity in near-record home sales and refinancings coupled with huge numbers of foreclosures? There are many reasons. WHAT CAUSES HOME FORECLOSURES? As a long-time investor in houses at various stages of the foreclosure process, I've learned there are many reasons why some homeowners stop paying their mortgages. Statistically, less than 1 percent of homes go through all or part of the foreclosure process each year. But the result is thousands of houses and condos are lost by their owners due to foreclosure. The primary ...
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