Banking & Finance
Sign Up for free News Alerts
US housing foreclosure crisis far from over
Posted on 01 February 2011 with 2 comments from readers
The foreclosure crisis continues to grow in the US, explains author of ‘It Takes a Pillage’ Nomi Prins. The bank bailout did not actually help ordinary Americans now about to lose their homes.
This is an ugly truth that US politicians do not want to face. Eight million families have gone through this process and an estimated four million will follow over the next two years.
Posted on 01 February 2011
Categories: Banking & Finance, Global Economics, Investment Gurus, Video Channel
2 Comments posted by readers:
“an estimated four million will follow over the next two years.”
My guess is that it would be at least another 4 million, because “The Die Has Been Cast.” The US housing industry is hurting, and will deteriorate further, as we approach 2012. Home sales are near or at all-time lows, as more and more homeowners are reneging on their mortgage payments. According to the latest Case-Shiller reports, homes in the US will fall approx. 20% more over the next 18 months. Imagine the implications!
2 Feb Update:
11% of US Homes Are Empty:
Here’s a report from CNBC today:
http://www.cnbc.com/id/41355854
It’s good to see some in the US news media finally “telling the truth”, instead of regurgitating the US government’s propaganda that “all is well” with the economy.