Destin, Fla. -- (June 11) -- Despite widespread
mortgage fraud bringing much of the U.S. housing market
to an abrupt slow down, homeowners are unsure of whether
mortgage lenders are ethical or not, according to a new
survey conducted by Housing Predictor (www.housingpredictor.com).
Respondents to the survey were almost evenly divided
on whether they believe mortgage agents were ethical in
their dealings with the public. Some 53% said they were
not ethical or didn’t know whether their lenders
were ethical or not. The remaining 47% said loan agents
they dealt with were ethical.
Congress was considering adopting new laws to further
restrain mortgage lenders in their dealings, but after
a series of hearings lawmakers have decided to wait before
implementing any new laws. More than 2 million adjustable
rate mortgages are in the process of adjusting to higher
interest rates in the next two years.
The higher rates along with the melt down in the sub-prime
lending market have caused many housing markets in the
nation to reach record foreclosure levels. Housing Predictor
is forecasting more than 2 million foreclosures will occur
in the next two and a half years. A detailed analysis
is available on the web site.
Housing Predictor regularly surveys visitors on a variety
of issues related to the real estate industry, considered
one of the strongest driving forces of the national economy.
In the last survey 76% of all respondents blamed mortgage
fraud for the end of the booming national real estate
market.
This week Housing Predictor chronicles the journey of
a Southern California couple, who obtained a sub prime
mortgage to purchase their home with a zero down payment
and lost it in foreclosure. The couple is a lot like hundreds
of thousands of others scattered throughout the nation
battling to keep their homes amid rising mortgage rates
and threats of foreclosure.
Despite the slowdown in the housing market in many states,
18 states markets are appreciating, including Texas and
New Mexico, where foreclosures are just beginning to record
higher numbers.
To find the latest Predictor Poll, read the Foreclosure
Crisis report and check your market forecast visit http://www.HousingPredictor.com.
SOURCE: Housing Predictor
