Many survive foreclosure in style

Homeowners in foreclosure are increasingly plotting a graceful landing that leaves them not in dire straits following an eviction, but with the same or even better living standards than before they defaulted.

A study released this summer by a Federal Reserve Board discussion group found that homeowners post-foreclosure are bucking conventional wisdom that dictates they defray expenses by moving in with extended family members or into crowded apartments in poorer neighborhoods.

Instead, the report titled “The Post Foreclosure Experience of U.S. Households” found the majority of people following a foreclosure end up sharing a home with the same number of people in a similar, or the same, community.

About 60 percent live in a single-family home, albeit a rental, in a neighborhood where the education level of residents and median house values are comparable to what they experienced as homeowners. The study, which was based on consumer credit information, found another plus – work commutes decreased slightly after a foreclosure.

“In general, my clients are not left devastated by the foreclosure or short-sale process,” said Boca Raton foreclosure defense attorney Marlyn Wiener. “Once they deal emotionally with the loss of their home, they make plans for the future.”

You can check out the rest from the PB Post here…

I guess they missed this 60 Minutes special on homeless children…

And I bet they didnt read this report on poverty in the United States…


Census: 46M Americans in poverty; highest on record since 1959

Washington— The ranks of the nation’s poor have swelled to a record 46.2 million — nearly 1 in 6 Americans — as the prolonged pain of the recession leaves millions still struggling and out of work.

Also, the number without health insurance has reached 49.9 million, the most in over two decades.

The figures are in a Census Bureau report, released Tuesday, that offers a somber snapshot of the economic well-being of U.S. households for last year when joblessness hovered above 9 percent for a second year.

The overall poverty rate climbed to 15.1 percent, from 14.3 percent the previous year, and the rate from 2007-2010 rose faster than for any similar period since the early 1980s.

Those with jobs were much less likely to be poor, but the recession and weak recovery have wiped out income gains of prior years for a broad spectrum of workers and their families. Inflation-adjusted median household income — the middle of the populace — fell 2.3 percent to $49,445 last year from a year ago and 7 percent from 2000.

“It’s a lost decade for the middle class,” said Sheldon Danziger, a poverty expert at the University of Michigan.

Anyway, you can check out the full report below…

Reminds me of the report that the FED put out earlier this year on how they found NO wrongful foreclosures by banks…

WASHINGTON, D.C. — A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.

During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a “wrongful foreclosure.” At least one member of the panel voiced concerns that the public would not take the Fed’s findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.

The Fed’s findings seem to support claims from the banking industry, which has admitted to sloppy practices but has maintained that the homeowners whose homes have been repossessed were substantially behind on their payments. The Fed’s report has not been released to the public.



The Post Foreclosure Experience of U.S. Households