Bloomberg Gusiness Week: Housing Crisis Sees 1.5 Million Older Americans Lose Their Homes
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More than 1.5 million Americans aged 50 or more have lost their homes since the collapse of the housing market in 2007 as delinquency rates and foreclosures soar, according to advocacy group AARP.
About 3.5 million loans, or one in six to people in the age group, had balances that were higher than the value of the property being purchased as of December, according to a report by Lori Trawinksi for the Washington-based lobby.
“More older Americans are carrying mortgage debt than in the past, and the amount of that debt is also increasing,” Debra Whitman, AARP’s executive vice president for policy, said in a statement. “Their economic situation is worsening.”
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