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More Are Struggling To Pay The Mortgage

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Foreclosure filings up 30% in Mass.

By Kimberly Blanton, Globe Staff | May 10, 2006

Foreclosure filings against Massachusetts homeowners increased 30 percent in the first three months of 2006 and have doubled in the past three years, as
homeowners in one of the nation's most expensive real estate markets struggle to cope with high prices and rising interest rates.
Economists and housing specialists said record numbers of mortgages have been written in recent years, as banks and finance companies devised new loans with little or no down payments or with low interest rates in the early years to help buyers afford homes. But rising interest rates and a softening real estate market have put a squeeze on homeowners who sometimes can't make the higher payments on adjustable-rate mortgages or refinance their loans to lower their payments.
Bankers said homeowners in every income bracket are struggling
to meet their mortgage payments. So-called ''subprime" lenders have written mortgages to many borrowers with low incomes or poor credit histories who traditionally have been unable to obtain home loans; subprime mortgages typically come with higher rates and fees that borrowers later struggle to pay.

So how does this relate to the Miracle Economy? Are high prices and rising interest rates a reality in the UK?

The US economy is not losing jobs like the UK and their GDP is more than double. Boston is a very affluent part of the US--much like London and the SE of UK. Their homes are cheaper relative to income and they have the benefit of stable loans up to 30 years. Think about it.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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