Rising Home Foreclosures in Vermont Sparking Concern Among Bankers, State Officials

15 May 2008

Author: admin Posted under Foreclosure homes

Home foreclosures in Vermont are currently up over 170% in April of 2008 than they were in April of 2007, and this is causing state officials to step up their efforts to warn homeowners and make them aware of the opportunities available to them for foreclosure assistance. State officials expect that rising food and fuel costs will contribute to the foreclosure problem, as more and more people find it difficult to keep up with their monthly mortgage payments.

While Vermont has been one of the states least affected by the foreclosure crisis, the climbing numbers of home foreclosures are urging many people to take heed and address the issue before it gets any worse. While in the northeast region 6% of mortgages fall under the sub prime category, Vermont has only 3%, a large reason things haven’t been so bad in the state. Similarly, the national rate of delinquency is about 2.1%, while Vermont’s is only .5%.

Still, home foreclosures should be expected to pick up in Vermont as the year goes on.