Can the White House reverse the decades-old trend of foreclosures, forecloses on homes and foreclosing on people?
The Trump administration has signaled it may be inclined to do so.
The latest news comes from the Financial Times, where reporter Sarah Kliff reports that a new study finds that foreclosers in Miami are more likely than others to have to pay higher condo fees to keep their homes.
“In many cases, they’ve had to pay the full price,” Kliff writes.
“They’re being charged more than other condominium owners because of the high amount of condo units they have.”
The new analysis found that more than half of foreclosed properties in Miami-Dade County were paying more than $2,500 for their condos, while about a quarter were paying $1,500 or less.
The study found that foreclosed Miami-dade condo owners are more than twice as likely as condo owners in other areas of the county to have been foreclosed on.
This data, as Kliff notes, comes from an analysis of mortgage records dating back to 2008.
The analysis was done by Fannie Mae, which had previously collected data from banks and financial institutions, and analyzed the mortgage debt of nearly 40,000 people who had been foreclosed on.
The research showed that nearly a third of forecloseers were paying at least $3,000 a month in mortgage debt.
Kliff also notes that foreclose foreclosure is not confined to the South.
In fact, the number of forecharges in the Miami-area rose nearly sevenfold from 2009 to 2013, while the number in the Northeast increased by a staggering 23,000, and the total number of cases rose nearly 10,000.
The Fannie-Mae analysis found: About a quarter of foreclosure cases involve people who lost their homes in the recession.
In some cases, people had to borrow more money to stay afloat.
About 20 percent of foresellers who have lost their home in foreclosure have had to go back to foreclosure themselves.
The median amount of unpaid debt is $2.6 million.
The largest debt is more than the median amount owed to homeowners in the South by nearly $9,000 each.
The biggest amount of outstanding debt is nearly $30 million.
In all, about 11 percent of the foreclosed homes are delinquent on their mortgage debt, according to the Fannie and Freddie website.
The New York Times has a similar story.
The story includes this statistic: In 2013, foreclosure defendants filed about one in seven cases with a federal court.
That’s about 1.6% of the total cases filed in that year.
A decade later, the figure has jumped to about 5% of all cases.
The Times adds that this is the highest rate of foreshadowing of forefraud seen since the early 2000s.
As the Times reports, foreclosed homeowners are not the only ones having to deal with a mounting burden of mortgage debt: Many other borrowers who owe money on their homes are facing similar debt burdens.
A recent report from the National Association of Realtors found that nearly 2.6 percent of mortgages in 2014 had unpaid debts exceeding $300,000 in some way.
About 5.5 percent of borrowers had outstanding mortgage debt totaling $1 million or more.
In Miami-Hialeah, where I live, I live with my parents, and there’s no way I could afford to pay more than they owe me, Kliff says.
She says many of the homes that have been in my neighborhood for decades are worth less than $5,000 and that I am likely to end up in a foreclosure by the time I get out.
Kliffs article appears at National Review.