Housing Crisis: 243,000 US Homes in Foreclosure and Counting
May 14th, 2008 | By Contrarian Profits | Category: Featured, Financial NewsThe worst housing slump since the Great Depression may push the U.S. economy into a recession. Falling home prices, which dropped the most in 29 years in the first quarter, are making it tougher for homeowners to refinance, and voluntary programs to change loan terms for at-risk borrowers haven’t helped enough people, said Ira Rheingold, executive director of the National Association of Consumer Advocates in Washington.
Meanwhile, investors investors are warming back up to the commercial real-estate sector, according to Brian Hunt in Daily Wealth.
“We can’t know what the future holds for US commercial real estate,” says Brian. Times could get worse. Times could get better… The renewed strength in America’s largest REIT fund manager Cohen & Steers tells us the forward-looking stock market likes the ‘times are getting better’ thesis.”
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