Archive for August, 2008

Many real estate experts and analysts are comparing the present housing market condition to the housing crisis experienced during the Great Depression. With the large inventory of bank foreclosure in the market, declining home price index and sluggish home sales, it is easy to conclude that the nation is in the worst crisis experienced in the housing industry.

It is a sad fact that the new housing law signed earlier this week will only be able to accommodate around 500,000 troubled borrowers. This means that millions of homeowners will still have to face their foreclosure dilemmas without the benefit of assistance from the government.

When the controversial housing bill became a law last Wednesday, millions of troubled homeowners breathed a sigh of relief. After all, the new housing legislation contains provisions that are supposedly designed to assist homeowners by allowing them to shift to government-backed mortgages.