Finance

NAR ‘Concerned’ Over Rapid Increase In Foreclosure Rates 

The National Association of Realtors said it is concerned over the rising rate of defaults and foreclosures occurring in many areas around the country, and many realtors believe that some families don’t understand the risks of taking out “exotic” mortgages. In a conference call yesterday with the Center for Responsible Lending and the Leadership Conference on Civil Rights, NAR President Pat Vredevoogd Combs urged consumers to make sure they understand the risks and rewards of all types of mortgages before they make a decision on a loan. She also advised consumers to consult with a realtor and to participate in mortgage education programs sponsored by realtors before they buy a home.