Friday, March 4, 2011

Rising Gas Prices Hit Home -

Rising Gas Prices Hit Home - "Higher gas prices are now hitting hard around Homestead, where many residents drive some 30 miles to work in Miami, adding to homeowners' strain. So while the foreclosure problem is starting to abate in many cities, the problem in places like Homestead could grow.

'The people who bought in Homestead were generally people who were on the margin to begin with. It's not a good sign when gas prices go up and become an added cost factor for these struggling homeowners,' said Ned Murray, associate director of the Metropolitan Center at Florida International University, a Miami-based applied-research institute.

Data prepared for The Wall Street Journal by CoreLogic Inc. showed that in two Zip Codes in the Homestead area, 33032 and 33033, more than 44% of all mortgages were three months or more delinquent as of November."

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