Foreclosures hit elderly hard

Miami /
Jul.July 19, 2012 03:00 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
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
8000 West Broward Boulevard, Mall
Lender pays $43M for Broward Mall in foreclosure auction
Lender pays $43M for Broward Mall in foreclosure auction
A rendering of the project + a Google street view of the building at 3034 Oak Avenue and  (L-R) Developers Nick Hamann and Jeremy Wacks, with Douglas Elliman’s Jay Parker (Google Maps)
Lender seeks foreclosure of stalled Arbor Coconut Grove project
Lender seeks foreclosure of stalled Arbor Coconut Grove project
Terreno Realty's W. Blake Baird with 8050 Northwest 90th Street (LinkedIn, Google Maps)
Lender sells foreclosed aviation maintenance site in Medley for $20M
Lender sells foreclosed aviation maintenance site in Medley for $20M
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Raz Ofer with 1568 Drexel Avenue (Dade County, Google Maps)
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...