More than two years have passed since the Great Housing Bubble finally burst, spurring a credit and lending crisis that in turn sparked a full-on recession, the most devastating since the Great Depression. Yet real estate agents and members of several other industries dependent on the housing market are still feeling the pinch
Higher foreclosure rates could be on the horizon, with over 15 million American homeowners owing more on their mortgages than their homes are worth, up from 13.9 million in the previous three months. Real estate website Zillow.com just released a report with the sobering news, showing 27 percent of homeowners are "underwater," up from 23.2 percent a quarter earlier.
It was quite a riveting sight recently at Cal Expo in Sacramento, the latest stop for the "Save The Dream" tour put on by NACA- Neighborhood Assistance Corporation of America. Thousands of struggling homeowners waited in line -overnight- in hopes of holding on to the American dream, by making their monthly payments more affordable.