November 6, 2006
Nancy Horn makes sure she pays her mortgage on time.
"Every once in awhile I get a month or two ahead."
She wants to make sure her home doesn't become one of the thousands being foreclosed. The latest statistics show more than 115,000 properties were foreclosed in October.
Ron Borders, State Rep., said, "I attribute it principally to the increase in the mortgage payment that people have had when they have adjustable rate mortgages."
Additionally, foreclosures add to the number of homes for sale, offering bargains to buyers in an already slumping market.
Nancy Horn, a Lowndes County resident, said, "I think it could be better, I think the realtors could do better."
But realtors say it's up to the consumer to be financially responsible.
Borders said, "They should be very concerned. They should go first to some debt counseling service to find out what they can do."
Financial officials also add that it's important to buy within your means, no matter how tempting an offer may be.
According to a study by Harvard University, most foreclosures happen on mortgages held less than five years.