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Daily Real Estate News | June 5, 2009 |
Housing Crisis Tarnishes Golden Years
Senior citizens are among the groups hardest hit by declining property values. More than 600,000 older Americans are in foreclosure, according to a report from AARP, and they represent 30 percent of all delinquencies and foreclosures.
Even older people who own their houses free and clear are affected by the crisis because they have lost equity in their homes, which they had hoped to sell to raise money for retirement.
The Center for Economic and Policy Research estimates that median equity in all real estate among home owners between 55 years and 64 years has fallen 49 percent compared to 2004. Among home owners ages 65 to 74, median equity in all real estate fell 27 percent during the same time period.
Source: USA Today, Stephanie Armour (05/05/2009)
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