The U.S. foreclosure crisis is worsening and the number of foreclosures will become even higher over the next few years amidst growing economic uncertainty. Housing Predictor extends its foreclosure forecast into 2011 nearly doubling its original prediction. It is being reported that the united states foreclosure cases will increase over the next few years while in an economy that is a bit uncertain. Housing Predictor predicts more than 3 million foreclosures till around 2010. The foreclosure market increase is a bad situation.
During the Great Depression President Franklin D. Roosevelt created the Home Owners Corporation to provide loans for people having difficulty making their mortgage payments. A idea like this is needed to help the foreclosure situation. The crisis started in sub prime mortgages over a year ago and is now into new conventional adjustable rate mortgages. A Housing Predictor survey found one in six home owners fear losing their homes to foreclosure. The Fed was equipped with new laws to limit the likelihood of another Great Depression from occurring. The changes gave the Fed new powers and assisted the economy’s recovery from the Great Depression. But the American entrepreneurial spirit and globalism in big business has changed the national economy.
The foreclosure situation is already making an impact in other areas of the economy. Credit card delinquencies are up. Car payments are late in increasing numbers. Home prices in the over whelming majority of local U.S. housing markets are falling. Some markets have already seen prices come down as much as 50% from their peaks. Foreclosures are at record highs. The damaging effect is leaving neighborhoods all over the country blighted. There will be allot of homes that will be entering into the Real Estate market. Consider help from agents or talk with a Armando Montelongo Real Estate Coach. Use the Internet to talk and exchange ideas with others. Read books and check your local laws.
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