Foreclosure crisis hits older Americans hard, AARP report says

More than 1.5 million older Americans already have lost their homes, with millions more at risk, a new AARP report says.
By JOSH LEDERMAN Published: July 20, 2012
Advertisement
;

More than 1.5 million older Americans already have lost their homes, with millions more at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm, a new AARP report says.

Older blacks and Hispanics are the hardest hit.

“The Great Recession has been brutal for many older Americans,” said Debra Whitman, AARP's policy chief. “This shows that homeownership doesn't guarantee financial security later in life.”

Even working two jobs hasn't been enough to allow Jewel Lewis-Hall, 57, to make her monthly mortgage payments on time. Her husband has made little money since being laid off from his job at a farmer's market.

Lewis-Hall and her husband have been making their payments late for about a year, but panic didn't set in until recently, when the word “foreclosure” showed up in a letter from the bank.

“You're used to living a certain way, but one thing leads to another,” Lewis-Hall said. “It's not like I have a new car or anything. I'm driving one from 1991.”

Rate climbed fast

| |

Advertisement


By the numbers

About 600,000 people who are 50 years or older are in foreclosure.

About 625,000 in the same age group are at least three months behind on their mortgages.

About 3.5 million — 16 percent of older homeowners — are underwater, meaning their home values have gone down and they now owe more than their homes are worth.

Source: AARP

Trending Now



AROUND THE WEB

  1. 1
    Dave Chappelle Reveals Shockingly Buff New Look
  2. 2
    Peaches Geldof Funeral to Be Held on Easter Monday
  3. 3
    Mayor Who Fired Lesbian Police Chief Caught On Tape In Homophobic Tirade
  4. 4
    NBA commissioner wants to raise age limit to 20
  5. 5
    Dream guitars I wouldn't mind calling my own (34 Photos)
+ show more