Bankruptcy & Housing News Round Up
Bankruptcy Filings Fell 8% in August
According to the American Bankruptcy Institute, consumer bankruptcy filings fell 8% in August to 127,028 total filings. This was in contrast to the month of July, which saw filings increase 9% from June.
Month-to-month variations are expected. Over the course of this year, filings are up from 2009 year-to-date numbers and we appear to be on track for a total of $1.6 million filings by the end of 2010.
10% of Arizona HOA Members Have Abandoned Homes or Have Been Forced Out by Foreclosure
An Arizona Republic Article about HOAs (available here) reports that over the last 18 months, an estimated 10% of all HOA members have abandoned their homes or been forced out by foreclosures. The natural consequence of these vacancies is that HOAs have had to cut service and raise fees on remaining home owners. No surprises there.
‘Real Housewives’ star Teresa Giudice Files for Bankruptcy
I am not a follower of the show, although I will admit that I have seen parts of a few episodes. From what I can gather, the show and the news that one of its “stars” has filed bankruptcy satisfies pop culture’s morbid fascination with the ordeals of others. I pass this information along not for that reason, but because many people do not realize that the rich also file for bankruptcy — it is not just for the middle class. Read at your own peril.