ore than three out of nationally in March from loose
four Americans believe lending guidelines and
mortgage fraud wrecked the unscrupulous lender and mortgage
booming real estate market, borrower practices.
according to a poll conducted by
Housing Predictor.com, an The nation’s foreclosure rate,
information driven web site, however, was much higher during
which forecasts local housing the U.S. Savings and Loan Fraud
markets in all 50 U.S. States. Crisis in the early 1990's. That
crisis resulted in major bailouts
A nearly over-whelming majority by the government costing every
of 76% of respondents said that man, woman and child in the
loan fraud has had a negative nation an estimated $10,000.
effect on the markets. The poll
was conducted over a 45 day Congress is considering new laws
period ending May 11, 2007. to control the mortgage industry,
Another 20% of respondents said which many feel would cause a
they believed that loan fraud did backlash for homeowners, many of
not have an impact on real whom need to refinance out of
estate, while the remaining four adjustable rate mortgages coming
percent were undecided. due and result in an even higher
rate of foreclosures.
The Predictor Poll is timely
especially since Congress is The increase in foreclosures has
considering enacting new laws to been part of the Housing
control the mortgage industry Predictor forecast model since
further as a result of the the beginning of 2007, long
growing sub-prime loan crisis. before the rise in foreclosures.
Researchers for Housing Predictor
The rate of foreclosures rose 47% became aware of the growing
problem of mortgage fraud more markets by late summer.
than two years ago.
Housing Predictor regularly
Despite the increase in mortgage surveys visitors for their
fraud cases and the resulting opinions on crucial economic
hike in foreclosures, at least 17 issues related to real estate,
states have some local housing widely considered as the single
markets which are performing largest driving force of the U.S.
strongly and are appreciating. economy. Some 68% of the nation’s
Housing Predictor forecast in population are now homeowners, an
early March that the number of all-time high.
appreciating markets would
increase to include more housing
About the Author:
Mike Colpitts is the Editor of Housing Predictor, which forecasts more than 250 local housing markets in all 50 U.S. states. Take the latest Predictor Poll, check housing market forecasts, real estate news and search listings at http://www.housingpredictor.com
Read more articles by:
Mike Colpitts
Article Source: www.iSnare.com 
