While there is less overvaluation in these markets, relatively low employment in states like Virginia, West Virginia and Kentucky are putting more homeowners in financial distress, These states are heavily dependent on the manufacturing sector of the economy, and that sector continues to lag behind others, like health care and professional services.
More Quotes from Alexis McGee:
A great many risky loans were issued in California as home prices reached the stratosphere. Interest only and option ARMs were used by many buyers to qualify for homes they could not otherwise afford. That means trouble in the near and intermediate future.Alexis McGee
Our research has always shown a correlation between foreclosures and a flattening home price appreciation curve.
Alexis McGee
We're seeing reduced price appreciation in the Pacific Northwest, and Alaska although population growth and job growth there remain strong.
Alexis McGee
In Delaware, for example, severe job loss is expected as a result of Bank of America's acquisition of MBNA. That will put many households in financial distress.
Alexis McGee
As these markets cool down, we'll begin to see mortgage defaults increase in 2006.
Alexis McGee
Our mission has always been to help investors create win-win scenarios that benefit both the troubled homeowner and the investor. The owner in distress saves some equity for a new start, and the investor realizes a profit on the resale of the home. That's far better than having the owner lose everything in an auction on the courthouse steps.
Alexis McGee
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