Foreclosure Rates Near Military Bases 4x Higher

A recent report from RealtyTrac shows that the foreclosure rate in ten communities near US military basis is rising at 4x the national average. RealtyTrac’s data showed that the areas around Fort Jackson in South Carolina and Marine Corp Base Quantico, Virginia had the biggest increase in defaults between 2007 and 2008 of the samples taken. Filings tripled around Norfolk Naval Base and Camp Pendleton Marine Corps Base in California.

If you are a member of the active-duty military, you should notify lenders that you are covered by the Servicemembers’ Civil Relief Act and see what recourse you have.

Source: Report: Foreclosure rates rise much faster near military installations