I ran across this interesting blogpost about how homes are increasingly going underwater in value. Basically showing the rise in foreclosures about 35%. It also estimated that home values will FALL with this glut of foreclosed homes on the market. More and more people will be stuck without the ability to sell their home to get out from under the loan.
Check out the post 23% of Homes Underwater and let me know what you think! I just heard from a friend that came home to a note on the door... isn't that sweet? Scroll down again to that video of the telphone call to BOA (BANK OF AMERICA) about HAMP (GOVERNMENT PROGRAM) ... This home help program could have helped her, BUT it was a loan owned by one of the major players that won't play ball fair and square. Call your senators!
So in exchange for the bailout supposedly helping homeowners we get:
FEW LOAN MODS
INCREASINGLY LOWERED PROPERTY VALUES
MORE HOMEOWNERS FACING FORECLOSURE
THIS AFFECTS EVERYONE