This was a headline in Thur.'s Des Moines Register. Iowa has the NINTH highest rate of home foreclosures in the nation! The top 3 reasons for the high foreclosure rate given in the article are: Poor credit. Many people who could least afford it were given mortgages at higher than normal interest rates. ARM's Adjustible Rate Mortgages. The low entry interest rates were very enticing...but as the interest rates were raised; they were not affordable. Bad Appraisals- many questionable loans were based on inflated appraisals. So- as the saying goes..if it seems to good to be true- it probably is. That is what many of those people are realizing now. The last line in the Register article is a classic. "These are bad loans that went looking for customers."
The good news could be- one of those foreclosures could be your next home! Let us know if you see one you'd like more information on. Bill 770-2455 and Bob 979-2883
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