Business

Housing double-dip?
by Barbora Misakova

Last two days we were talking about poor statistics of housing market and problems connected with it. And as it seems, the topic will be a hot issue for a while longer. Housing market has double trouble. It is not only about new houses that have no one to be bought by, but also about houses and homes that have been repossessed since the recession began. According to latest numbers, one in 10 households has missed at least one mortgage payment what represents more than 2 million homes repossessed since December 2007. If companies start to hire steadily again and layoffs ease, the outlook will improve. And although there was a modest decrease in the number of Americans fillin! g for jobless benefits, the figure is not that high to bring down the unemployment rate. It is just like Jay Brinkmann, the top economist for the Mortgage Bankers Association, has said: “Ultimately, the housing story, whether it is delinquencies, homes sales or housing starts, is an employment story. As Brinkmann’s trade group reported, just under 10 percent of homeowners are delinquent on at least one mortgage payment. That represents more than double the level before the recession. Even though the percentage of mortgage borrowers with foreclosure notices and the percentage of loans with first notice of foreclosure fall slightly, many experts say the situation is getting worse. July was the worst month on record for new home sales. For sales of previously occupied homes it was the worst month in 15 years. While decreasing number of people capable of buying house or flat, growing number of foreclosures push down home prices that scare potential buyers and seller! s from the market. As Michelle Meyer, from a Bank of America s! aid:  220;Housing is certainly not going to help the recovery.”

related story (sgx18084): http://news.yahoo.com/s/ap/20100826/ap_on_bi_go_ec_fi/us_eco...

by Barbora Misakova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the! tip of your fingers.

posted by Blog TechSource @ 12:45 PM