Home foreclosures surge--no housing boom for poor families in the US

Home foreclosures surge--no housing boom for poor families in the US: "Home foreclosures surge�no housing boom for poor families in the US
By Naomi Sheehan Groce
13 June 2005"

A little-reported aspect of the housing boom in the US is the corresponding surge in home foreclosures. Amidst a sharp rise in median housing prices, more and more Americans are finding themselves unable to meet monthly payments and are being forced into foreclosure. For many working class homeowners, the potential for financial catastrophe, including home foreclosure and personal bankruptcy, is one illness or missed paycheck away.

Foreclosure is the circumstance a homeowner falls into after missing mortgage principal or interest payments, losing the title to the home. The holder of the mortgage, most commonly a bank or other financial lending corporation, then seizes and sells the property to satisfy the claims of the mortgage

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