Foreclosure Crisis Still Has Millions In Its Grip
CNBC Foreclosure Crisis Still Has Millions In Its Grip http://www.cnbc.com/id/100722965/print/1/displaymode/1098/ Five years after the mortgage meltdown sparked a wave of home foreclosures, millions of Americans are still in housing "limbo," battling to save their homes despite government programs meant to help them. More than two years after regulators confirmed widespread reports of abusive mortgage practices, the government is making only halting progress in fixing the problem, according to homeowners, their attorneys, housing counselors and public officials. It's not only a dilemma for the people caught in the foreclosure noose; it's also holding back a broader housing recovery and slowing the nation's economic recovery. And its not only folks on the lower end of the earning spectrum.
WHAT IT MEANS: Foreclosure is still a factor in our economy.
WHY IT MATTERS: Even if you're not in foreclosure, your home value, banking costs, ability to access loans are affected along with our economy - which impacts you by keeping employment wages and raises for everyone down and by depressing tax revenue for the governments translating to less services and potentially higher taxes you pay.
WHAT YOU CAN DO: Keep and eye on short sales foreclosures and home prices in your area, if you're an investor expect opportunities to increase in some areas, check out Financial Fresh Start for tips to save on your banking costs, get a loan when you need one and spending less-earn more until the clouds clear.