Real Estate News and Updates For February
February 7, 2008 1:17 am News & Updates
US Economy has hit its all time low, and is affecting real estate trends to date. The amount debt that homeowners owe now exceeds the equity of American homes. This crisis is very real to the extent of having the record of highest number of foreclosed properties, both in the suburbs and in urban residentials. And this is driving down the now depressed real estate industry.
Homeowners have not been able to pay their monthly dues for their dream homes and in turn owing money from the government. The rate of troubled loans according to Mortgage Bankers’ Association has increased from 6.1% during the last month of 2006 to 7.9% at the end of 2007.