Survey Reveals That Americans Can Live Without Their Home But Not Their Credit Cards

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 12, 2010 -- Recent figures show that credit card delinquencies have fallen month on month for the last 5 months but at the same time mortgage delinquencies and home foreclosures are at record highs.

Ollie Booth of USA Property Investor said "It seems that the American love of credit cards has conquered the need for a roof over their head. In turn, this has forced house prices further downward as more properties come onto the market, especially in places with high unemployment such as Detroit."

"This is bad news for American families but good news for property investors, who are able to pick up bargain priced houses. These investment properties are then rented back to families on the HUD scheme, backed by the government."

The most recent figures show that over 7.5% of US home owners are late on their mortgage payments, a 55% rise compared with the previous year. In contrast, the number of Americans past due on their credit cards fell in the same period.

Bankruptcy filings have increased by 32% year on year, reflecting the inability of many USA property owners to keep up with their mortgage payments.

Mr Booth added that "These figures mean that our property investors are able to purchase good quality homes for cents on the dollar. These are then rented back to people who lost their home through no fault of their own."

Editors Notes:

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