The severity and pain of America’s housing slump comes to the fore in a USA Today report by Property Correspondent Noelle Knox, who writes that the bad news just keeps rolling on for residential real estate — what the headline calls a “trifecta of bad news”.
One of every 100 homeowners faced foreclosure last year and that could jump this year even as lenders offer to renegotiate mortgages. Home prices fell in most metropolitan areas, with Miami worst hit by a 15-percent drop since November 2006, she quotes the S&P Case-Shiller Index.
Add in two million vacant homes and huge losses in the real estate industry, and, no surprise, new home sales had their biggest drop ever last year. Can anyone suggest paths towards recovery?