Foreclosures are up 57 percent over a year ago, showing the government’s loan modification program is having little impact. Whether this will increase Congressional support for a more full-fledged housing bailout that won’t discriminate between buyers targeted by predatory lenders and people seeking to flip houses as investments remains to be seen.
Meanwhile, housing prices in the last quarter of 2007 dropped almost 9 percent from a year ago. Standard & Poor’s says it’s the worst performance in his 20-year history of rating home sales. Meanwhile, the government said housing posted its first full-year year-over-year decline in 16 years.
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