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Local property foreclosures on the rise

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WILMINGTON -- More and more local homeowners are falling behind on their mortgage payments. And that's led to a surge in the number of property foreclosures. It's no secret the real estate market has softened. But this is the first time in years that there's been an increase in the number of foreclosures in our area. There is a surplus of homes on the market and they're proving tougher to sell. At the same time interest rates have climbed. That means homeowners with adjustable rate mortgages are paying more in interest, causing them to fall behind on payments. It's important to know that if you're facing foreclosure, you have options. You should first contact your lender, explain your circumstances and ask for what's known as dispensation. Mortgage specialist Jim Felds said, "They'll give you a break. They'll defer some of your interest. They'll lower some of your payments, try to make it easier for you to stay in your house so you don't go into foreclosure." The Fed lowered interest rates a half a point Tuesday, which could lead to a lower prime rate. But, real estate experts say the foreclosure situation could get worse before it gets better. It's not just that people are having trouble making their mortgage payments. It's also that home values are not appreciating like people thought they would.

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house prices

If people would stop flipping houses (buying, painting, cleaning, and selling at a large profit.. commonly $20K OR MORE): a) houses in our area would not be as expensive as they have become and b)houses would still be selling left and right. The same people that are complaining that they can't sell a house are the same people that put us in this rut to begin with. There was a house beside my two story home for sell. It went on the market for $140,000.It sold for right around $135,000. A real estate person came and planetd an intracoastal real estate sign in the front yard. She had purchased my next door neighbors house AND THEN IMMEDIATELY AFTER HAVING THE YARD CLEANED UP AND PAINTING THE HOUSE PLACED IT BACK ON THE MARKET FOR A STAGGERING $195,000 .. AND IT SOLD !!!!!!!!!!!!! (I'd love to make $50k per month !!!) SOMEONE NEEDS TO MAKE HOUSE FILPPING ILLEGAL OR AT LEAST LIMIT THE AMOUNT OF PROFIT A FLIP CAN BE SOLD FOR !!!!!!!!!!!!!!!!!!!! And it is NOT investing.. It is ripping people off!

Big fan of big government are ya?

"SOMEONE NEEDS TO MAKE HOUSE FILPPING ILLEGAL OR AT LEAST LIMIT THE AMOUNT OF PROFIT A FLIP CAN BE SOLD FOR !!!!!!!!!!!!!!!!!!!!" I'm not a house flipper. I live in the same home I bought in the early Nineties, and I principally invest in the stock and bond markets. That said, the idea of having "someone" make house flipping illegal scares me far more than inflated housing prices. Where does it end? How much power are you willing to give the government? I bought five-hundred shares of Goldman Sachs at 180 less than a month ago and sold it Thursday at 205. Did I make "too much money?" Uncle Sam won't think so when he takes his third. Who do you think is going to fund all these free-lunch give-away programs Clinton, Edwards, and Obama are dreaming up, if not investors? The open, free market determines the price of everything via the law of supply and demand, and that includes real estate. Ask too much for a house and see if it sells. It won't. So in your example, unless you are aware of collusion between the seller, appraiser, and mortgage provider, the folks didn't pay $195k for a house that was worth $135k. They paid $195k because that house was worth $195k TO THEM AND TO THE BANK WHO ACCEPTED IT AS COLLATERAL. Supply and demand.....it's a wonderful thing.

Simple math

When you consider that every house in this region is grossly overpriced, coupled with lenders who will lend almost ANYBODY, the money for these homes, which can't be sold for what they paid, what would you expect. Doesn't take a genious. I think I'll rent, just a bit longer.

BS on this report

If you consider a .01% a rise in rates then yes they are rising but they are at 6%. That should not be affecting anyone. Fore closures in NHCo are way below the 641 in 2003, 547 in 2004 and 440 in 2005. Don't report that last year there was 363 in the region. Just keep stirring the pot with a mis interpertation of the facts. I would not say the market is soft, it might have slowed a little bit, but if you look at how proud some people are of their home then you would know why it has slowed around here. Hey folks, 300K for a 1700 ft2 house is over priced. Especially if you are in a cookie cutter neighborhood. (e.g gordon rd neighborhoods, brewster pl. what else could we expect from a sub-prime news station though, sub prime reporting. carry on you over make up wearing, manaquin looking reporters

dummy

hey i live in brewster place and im 3 months behind on my payments manaquin looking reporters why u put guest on and not your real name