Older Americans Hard Hit by Foreclosures

Washington, DC, July 19, 2012 -- Older Americans have been among the hardest hit by the foreclosure crisis, according to a report by AARP based on mortgage data from 2007 through 2011.

More than 1.5 million Americans aged 50 and older lost their homes in the five years from 2007 through 2011, AARP said.

While the percentage of foreclosures was higher among younger Americans, the rate for homeowners age 50 and older grew faster in recent years.

The over-75 group had the highest foreclosure rate in 2011, according to the AARP report, as 3.2% lost their house to foreclosure in 2011, up from the 0.33% in that age group who faced foreclosure in 2007.

The foreclosure rate was 2.9% in 2011 among all homeowners 50 and older, up from 0.3% in 2007.