House Poor: Pumped Up Prices, Rising Rates, and Mortgages on Steroids: How to Survive the Coming Housing Crisis The whole sorry mess of high-interest-rate mortgages and excessive foreclosures among buyers of low-cost starter homes is too big and complex to pin on mortgage brokers alone. Months of investigating and numerous stories by Observer reporters have uncovered instances of inflated home appraisals, erroneous financial information on mortgage papers, and high-pressure sales tactics, as well as a lack of resources for counseling to avert foreclosures. The result: Foreclosures in this region are at record levels. In some neighborhoods excessive foreclosures are lowering property values. It’s all part of a national wave of foreclosures so big it’s chilling the whole lending industry.

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