MILITARY FORECLOSURE RATE UP 32% OVER 2008 | 20,000 Servicemembers, Veterans Lost their Homes in 2010

20,000 military members, vets faced foreclosure in 2010

By Gregg Zoroya, USA TODAY

More than 20,000 veterans, active-duty troops and reservists who took out special government-backed mortgages lost their homes last year — the highest number since 2003.

The rate of foreclosure filings in 2010 among 163 Zip codes located near military bases rose 32% over 2008, according to RealtyTrac, a foreclosure research firm. This compares with a 2010 increase in foreclosures filings nationally of 23% over 2008.

The housing crisis has hit military families particularly hard in part because of transfers and the loss of civilian jobs left behind by reservists.

About 12,000 military families applied to the Pentagon’s expanded Homeowners Assistance Program. It makes up most of the difference in price for servicemembers who must transfer and sell their homes for less than they owe, or buys their houses outright.

“Our demand, in terms of (military) families coming to us for assistance, went up 19% in 2010 over the previous year,” says Bill Nelson, executive director of USA Cares, a charity that provides financial assistance to Iraq and Afghanistan war-era troops.

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Comments
One Response to “MILITARY FORECLOSURE RATE UP 32% OVER 2008 | 20,000 Servicemembers, Veterans Lost their Homes in 2010”
  1. abs says:

    The real terrorist is deep within our corporate goverment, while our military busy fighting the well place fake terrorist by the corporate goverment,. This war with iraq and afghanistan is just screen for the real attack. Even our military and veterans are not safe on their own country..sad to know they put their life on the line for nothing. But our goverment had billions of dollar bailout for the banks and none for the people who make those billions avaible for the banks. Now you know who sold you out.

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