Unemployment! The Root Cause of All Problems

Unemployment! The Root Cause of All Problems

http://news.yahoo.com/s/ap/20090716/ap_on_re_us/us_foreclosure_crisis_unemployment

Unrelenting unemployment numbers continue to take their toll. Foreclosures on homes continue to rise as job losses show no sign of ebbing. Unemployment rate which was at 9.6% in June is expected to rise further and well into 2010.
The housing segment has gone past the sub prime crisis which saw the initial wave of foreclosures. What we are seeing today is more of the traditional foreclosures. People are not able to pay as they have lost their jobs. The Obama administration has been working relentlessly to stop this trend. This March they launched an effort to help people refinance their mortgages. This has however not achieved much success.
With such a large bank of foreclosed properties available in the market, prices for homes continue to remain low. One man’s loss can however be another man’s gain! If you are looking to buy a home, the time is now!