1,428% increase in Montgomery County, MD foreclosures
Per the Washington Post, foreclosures in Montgomery County, MD (my county) went from 49 in the 2nd quarter of 2006 to a whopping 700 in the same quarter this year!
If I did my math right, that’s a 1,428% increase. Apparently even wealthy communities are not immune to the foreclosure demon. I can understand though, because even our own home almost doubled in value from 2000 to 2004 when we bought it. Unfortunately, though, we purchased near the height of the boom.
We do have an adjustable rate mortgage, but it doesn’t expire until late 2009. We have another 2 years to decide whether to sell our home, refinance, or just let the loan reset (I doubt that). We’re really getting attached to our 66-year-old Cape Cod, but I don’t think it would have been so easy if the previous owners didn’t add so much extra space, and if we weren’t so central to shopping and entertainment.
We’ll let you all know what happens in 2009!
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I have seen a huge increase in the number of foreclosures in the past 7 months. I believe it is a combination of not only sub-prime and ARM mortgages, but also the high number of people who have gotten loans with interest rates at an all time low… in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes.