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News Ticker from FNC

Thursday, January 13, 2011

New Housing Crisis

Didn't they say we were over this???
((((((((((((())))))))))))))
  • 5 million borrowers over 2 months behind on payments
  • 1.2 million homes will be repossessed this year (new record)
  • +1 million homes repossessed in 2010
  • 2.9million homes rec'd forclosure filings in 2010
  • filings increased 23% in 2010
$$$$$$$$$$$$$$$$$$$$$$$$$$$
House prices have fallen for 4 1/2 yrs
total cost down 29%
in Great Depression declined 25% (1929-1933)
$$$$$$$$$$$$$$$$$$$$$
1 in 11 Nevada homes rec'd foreclosure in 2010
CA, FL, AZ, IL, MI acct for 51% of nations foreclosures
%%%%%%
Property taxes might still be paying 'bubble era' pricing on their houses.
it may take up to 3 1/2 - 4 yrs for a house to reach the value property taxes are based on

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