Over three million older Americans are at risk of losing their homes through foreclosure, this according to the study “Nightmare on Main Street: Older Americans and the Mortgage Market Crisis” conducted by the AARP Public Policy Institute.
The AARP Public Policy Institute study measures the progression of the mortgage crisis and its effect on older Americans, aged 50 and older.
The study reveals that among older Americans age 50+, the percentage of mortgage loans that were seriously delinquent rise by 456% from 2007 to 2011.
The study noted that even though the serious delinquency rate of the over-50 population is lower that of the under-50 population, the rise in the rate of serious delinquency of older Americans has outpaced that of younger Americans from 2007 to 2011.
As of December 2011, according to the AARP Public Policy Institute study, 600,000 mortgage loans of people age 50+ were in foreclosure and another 625,000 mortgage loans were 90 or more days delinquent. The study further reveals that as of December 2011, 16% of mortgage loans of the 50+ population were underwater.
For the last five years, from 2007 to 2011, over 1.5 million older Americans lost their homes to foreclosures, the AARP Public Policy Institute study shows.
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