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Posted: 3:12 AM May 29, 2008
Foreclosures Hit Military Towns Harder
Bloomberg News says foreclosures in Havelock have more than doubled in the past year.
Reporter: Heather King |
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5 Comments 
The men and women serving in the U.S. military may be some of the hardest hit in the housing crisis, including here in North Carolina.
Bloomberg News is reporting that foreclosures in military towns is outpacing the national foreclosure average, four-fold. That's based on information from RealyTrac. Bloomberg News names Havelock as an example, home to Marine Corps Air Station Cherry Point. Foreclosures there have more than doubled in the past year.
Bloomberg News says military members have been targeted for risky loans because they're more likely to have weak credit, due to frequent moves, low wages, and deployments.
The law offers some protection from foreclosure for military members. Get the facts by clicking here.
There is also a bipartisan effort to strengthen the Servicemembers Civil Relief Act by lengthening the grace period to protect military members from foreclosure. Two senators recently introduced the Casey-Isakson Bill.
Latest Comments
Marine Corp wife...I am actually military affiliated. But, if you read what I wrote, it was not just military families that I find living above their means, but Americans in general, as my very first sentence states. In finances, your basics should come first, food, clothing, shelter, and education. After all of your "needs" are met, then you should go after your "wants". Having nice "things" doesn't mean you have to spend more money than you make to acquire them.
obveousely "living" is not military affiliated. i do agree there should be better "family planning" but you can't blame this on military this happens in the civilian world to. this is not just civilian related. and different things come into play. we have nice things and nice vehicles were not loosing our home.
What is revolting is that Americans in general feel it is our God given right to live above our means and buy homes, cars and household items that are more expensive to keep up with the Jones'. If each and everyone of us learned to live within our means and not give in to the peer pressure of having the $300,000.00 houses and drive large gas guzzling SUV's, or having more kids than a typical family, most of these military families would not be in the situation of facing a foreclosure to begin with.
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