Did I mention the Feds couldn’t help us either?
Unemployment rates are headed towards double digits. Currently it is at 9%. This is causing, once healthy borrowers, being faced with a foreclosure as they are losing their jobs or at least overtime they are use to get is becoming less and less. So it is not just the sub-prime loans and unemployed workers that are having problems. Hard working Americans are too.
What is sad, our government can’t help. According to Economy.com 60% of defaults on mortgage are due to unemployment. Did I mention, the Feds couldn’t help either?
What the unemployment rate is doing is for home values to decline. America is faced with record foreclosures, tight lending practices, and a bunch of unsold homes because it is tough to find and keep a job that will pay the bills. There are other reasons obviously, however, they are for discussion on another day.
How bad is this decline? Standard and Poor/Case Shiller Home Price Indices says from 3/08 through 3/09 there was a decline of 18.7% while we are on track for 2009 to see a annual rate of decline of 25%. Even Adam York, one of the guys over at Wachovia, says the decline will continue way into 2010.
Did I mention the Feds couldn’t help us either?
Free Reports:
http://www.StopForeclosureInSanCarlos.com http://LovelySanCarlosHomes.com
Foreclosure/Short Sale Information:
http://www.StartFreshLLC.com
What is sad, our government can’t help. According to Economy.com 60% of defaults on mortgage are due to unemployment. Did I mention, the Feds couldn’t help either?
What the unemployment rate is doing is for home values to decline. America is faced with record foreclosures, tight lending practices, and a bunch of unsold homes because it is tough to find and keep a job that will pay the bills. There are other reasons obviously, however, they are for discussion on another day.
How bad is this decline? Standard and Poor/Case Shiller Home Price Indices says from 3/08 through 3/09 there was a decline of 18.7% while we are on track for 2009 to see a annual rate of decline of 25%. Even Adam York, one of the guys over at Wachovia, says the decline will continue way into 2010.
Did I mention the Feds couldn’t help us either?
Free Reports:
http://www.StopForeclosureInSanCarlos.com http://LovelySanCarlosHomes.com
Foreclosure/Short Sale Information:
http://www.StartFreshLLC.com
posted by Unknown | 4:15 PM
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