Older Americans hard hit by foreclosures

TRD New York /
Jul.July 19, 2012 12:30 PM

The housing crisis is coming down hard on older Americans, the Associated Press reported, citing data from a new AARP study. According to AARP, roughly 600,000 individuals over the age of 50 are currently in foreclosure, 625,000 people in the same age bracket are at least three months behind on mortgage payments and a total of 3.5 million are now underwater on their mortgages.

In a surprising development, the proportion of loans considered to be seriously delinquent spiked by 450 percent. Though the over-50 crowd generally has a lower rate of serious delinquency, it is increasing faster in the older population than it is in the younger one, the AP reported.

The problem has proved worse for minority populations. Whereas 1.9 percent of whites in the age group had homes in foreclosure, 3.5 percent of African-Americans in this age group had homes in foreclosure at the end of last year. The proportion came in at 4.9 percent for the over-50 Hispanic population.

The study also found that those over the age of 75 are in rough shape in regards to foreclosure. Five years ago, one of every 300 homeowners in this age group were in foreclosure. Now, one in 30 are in foreclosure. [AP via CNBC] — Zachary Kussin


Related Articles

arrow_forward_ios
Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Home foreclosures dropped nearly 20% in Q3, report shows

Manhattan’s 10019 zip code, which covers Midtown, Times Square, Herald Square and Midtown South, saw the most foreclosures in the borough with eight. (Credit: iStock)

Manhattan foreclosures soar 118%, driven by mortgage defaults

15 East 63rd Street and Oleg Cassini (Credit: Google Maps and Getty Images)

Oleg Cassini’s former UES headquarters faces foreclosure

Mayor Bill de Blasio and Frank Carone (Credit: Getty Images)

City tapped De Blasio donor to take over foreclosed properties

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Lenders in glass houses? Judge rules Maverick can’t foreclose on Chelsea property because it violated loan agreement

Nationwide foreclosure rates continue to drop, but problem areas remain

Bluestone buys Queens building for $85M at foreclosure auction

arrow_forward_ios