U.S. Housing Bubble Fallout: Elderly And Renters Hit The Most

Posted: June 2, 2015 in Economics

Millions of Americans face housing trouble, from the elderly struggling to make inflated mortgage payments, to renters who can barely afford their lodgings. The housing bubble responsible for their woes was caused by bad loans, researchers say.

Thirty percent of homeowners 65 and older – some 6.5 million Americans – were still paying a mortgage in 2013, compared to 22 percent in 2011, according to the Consumer Financial Protection Bureau figures quoted by the Associated Press. The median mortgage held by seniors has more than doubled since 2001 as well, from $43,400 to $88,000.

The number of Americans 75 and older still paying off home loans rose to 21 percent in 2011 from just 8 percent a decade before, according to Federal Reserve statistics.

Full Story @ [RT]

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