Articles about Foreclosure Homes
The increasing number of foreclosure homes is adding fuel the gloom of the American economy. The melt down of sub-prime mortgages resulted in the crisis of foreclosure homes and despite many measures being taken by the government at all levels, so far the pace has not slowed down.
So far the worst affected foreclosure homes have been the residential houses but lately reports are coming in of commercial foreclosures. It will complicate matters further if timely effective steps are not taken.
The great American dream has always been to own a house. Unfortunately only those with steady income and good credit record could avail of conventional prime loans. To make it easier for everybody the mortgage lobby introduced the sub-prime mortgages for people not fortunate enough to qualify for traditional mortgages. No questions were asked about income and practically anybody with a pulse could qualify. This led to money flowing into the real estate market and there was frenetic activity everywhere. This led to a rise in demand and in the price of houses. It was known as the housing boom. It was most noticeable in Florida, California, Nevada and Arizona.
According to the law of economics a boom invariably leads to a bust. This is exactly what happened. When floating rates of interest of sub-prime loans began to rise, the borrowers failed to continue and they began to default by thousands. Soon it ran into millions. The market became choked with foreclosure homes causing prices to tumble. Construction work came to a halt together with ancillary activities. This set off a chain reaction of unemployment and economic slump – all thanks to the increase in number of foreclosure homes.
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