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Cheap Foreclosed House for Sale Abound in Military Bases

November 5, 2009

The U.S. Department of Veterans Affairs (VA) released its data showing that cheap foreclosed house for sale abound in military bases across the country. This means that foreclosure rates in military bases are four times higher than the average rate.

VA also noted that because of the high foreclosure activity, the number of military veterans with no home also rose. To prevent the further increase in homeless rate among veterans, VA launched a five-year program designed to alleviate the homelessness problem among veterans. The agency pledged about 3.2 billion dollars to address the problem that has been plaguing many veterans who served in wars in Iraq and Afghanistan.

VA Secretary Eric K. Shinseki explained that no military veterans who served the country should ever be without a roof on their heads. Industry experts said that previous programs of VA focused on helping homeless veterans. However, with the current program, the focus would be in prevention and at the same time, rescuing veterans from homelessness.

Market data showed that out of 24 million military veterans in the country, 131,000 have no homes, with twice the numbers becoming homeless every year. An estimated 3 percent of these homeless military veterans have served in Afghanistan or Iraq. Results of a study conducted in 2007 showed that Afghanistan and Iraq war veterans lost their homes faster compared with other veterans.

Homeless experts and government officials are concerned that the number of cheap foreclosed house for sale in military bases would increase by as much as 15 percent due to the current economic downturn.

Experts said that veterans are one of the sectors in the society badly hit by the recession. And with unemployment rate more than 12 percent now, the prognosis on their situation remains bleak.

The VA has pledged to provide about $400 million to support initiatives that will prevent homelessness. The agency plans to expand its partnerships with the Department of Housing and Urban Development, Small Business Administration and other veterans programs in the federal, state and local levels. VA also plans to help businesses owned by veterans in qualifying for government contracts and overcoming the current economic downturn.

Industry experts applauded the current efforts of the VA to prevent homelessness and the spread of cheap foreclosed house for sale in military bases.

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