One of every 39 Alaskan Homes to be Foreclosed
19 April 2008According to a recent article in the Anchorage Daily News, “While Alaskans aren’t seeing the number of failed loans as some places in the Lower 48, plenty of people in the Matanuska-Susitna Borough are feeling the pain of bad home-buying decisions. Real estate agents in the Mat-Su area last year said they started seeing a dramatic rise in the number of foreclosure sales.” In March of this year, for example, there were nearly 300 foreclosures in the Mat-Su area. A study just released by the Pew Charitable Trusts paints a somewhat more grim picture of foreclosures in Alaska:
- 1 in 39 Alaskan homeowners is projected to experience foreclosure on their home as a result of their high-cost loan
- 23 percent of all loans made in 2005-2006 were subprime
- 29 percent of all homeowners will likely feel the ripple effects of foreclosures from subprime loans
- Affected homeowners are expected to lose $4,013 on average from property values
- $190 million is projected to be lost from the combined state and local tax base
In addition, the report highlights states that are making headway to strengthen loan underwriting standards and help borrowers avoid foreclosure—and underscores that any federal legislation must complement the work being done in the states, not compromise it.
April 25th, 2008 at 3:12 pm
This is interesting…I would like to know more. We maybe experiancing this soon. DJ
May 24th, 2008 at 2:25 pm
WE GOT A NOTICE MAY 16,2008 FROM KRISTINA BOYD, TO NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST. MY PH IS 907-394-2999 PLEASE CALL.