Foreclosure Demographics – Who has Been Hit the Hardest? The Affluent Communities – Part 1
This is the first post in a three blog series. For details on the effects of foreclosure on People of Color and Metro Areas, visit Part 2 and Part 3.
Foreclosure Demographics in the Affluent Communities:
Foreclosed homes have been on an all-time rise. In fact reports suggest that 1 million American households would have undergone foreclosure by the end of 2010.
But if you thought that the foreclosure crisis only hit people from low income families, you may want to reconsider given current trends. According to the Baltimore Sun, “counties with high incomes and pricey housing were among the hardest hit.” Besides, the most affluent counties with a median income of $70,000 saw a 50 percent increase in foreclosure rates.
Where are these communities headed? Are they bound to become what Carol Lloyd of the San Francisco Chronicle calls them – slumburbs?
Buying a house is one thing, maintaining it is a whole other process. If you know what you’re getting into, foreclosure is bound to be the least of your worries.
If you’re looking to settle in or around Prince Georges County, Express Realty Services could help. With lowest interest rates in years, you could get a beautiful house that’s well within your budget.
For more questions or concerns, feel free to call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)
This series will be continued. For more insights on foreclosure trends, continue to read our blogs.
If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.
Tags: 1million american households, baltimore sun, c, Foreclosure, foreclosure and the rich, Foreclosure Demographics, high income, low income, slumburbs