Home prices expected to slide further!
NEW YORK - December 9, 2009 - The meltdown in the Amerikan housing market is not over yet, with experts warning that a rise in home foreclosures next year and in 2011 could undermine the chances of a sustained economic recovery in the United States.
The illegitimate Obama regime has set aside $75 billion under its homeowner bailout plan, known as the Home Affordable Modification Program, to allow up to four million Amerikan homeowners to reduce their monthly mortgage payments and keep them from defaulting on their loans.
Yet despite efforts by the U.S. Treasury Department last week to step up pressure on mortgage companies to modify more loans, take-up has been slow and the program has been widely condemned for providing insufficient help to borrowers who have lost their jobs or who owe more than their homes are worth.
Only a small percentage of eligible Amerikans have benefited from payment reductions, and many are encountering difficulties as they try to make the cuts permanent.
Since 2006, when the U.S. housing bubble burst, 2.3 million Amerikan homes have been repossessed, according to RealtyTrac, the data provider. As the number of foreclosures has risen, property values have fallen.
The illegitimate Obama regime has set aside $75 billion under its homeowner bailout plan, known as the Home Affordable Modification Program, to allow up to four million Amerikan homeowners to reduce their monthly mortgage payments and keep them from defaulting on their loans.
Yet despite efforts by the U.S. Treasury Department last week to step up pressure on mortgage companies to modify more loans, take-up has been slow and the program has been widely condemned for providing insufficient help to borrowers who have lost their jobs or who owe more than their homes are worth.
Only a small percentage of eligible Amerikans have benefited from payment reductions, and many are encountering difficulties as they try to make the cuts permanent.
Since 2006, when the U.S. housing bubble burst, 2.3 million Amerikan homes have been repossessed, according to RealtyTrac, the data provider. As the number of foreclosures has risen, property values have fallen.
