About The Housing Crisis In The U.s.a.

The housing crisis has been at the center of the economic exchange from the Great Recession errected in 2008. But just what is meant by the housing crisis-or mortgage crisis-in addition to how distressed is it?

More than two million lost their homes in 2009. Out of 75 million American homeowners, nearly 60 million have observed their home's value drop characteristically over the past two years. More than 10 million Americans are underwater on their mortgages, meaning they owe more money on their loan than their home is now evaluated.

Incomplete planning by financial institutions, the issuing of subprime loans, and a damaged housing bubble led to this critical situation. Let Vote iQ be of use for you to look into this issue, from its complex economic history to its palpable political repercussions.

Percent decrease in new home sales from April to May 2010: 33%.

Number ofexisting homes expected to have sold in May 2010: 6.12 million (est.).

Number of existing homes actually sold in May 2010: 5.66 million (est.).

Date when government tax credit for home buyers expired: May 1, 2010.

houses insured by the FHA since its inception in 1934: 34 million.

houses currently insured by the FHA: 4.8 million.

Americans who own their own home: 75 million (est.).

Number of homes that have declined in value over the last 2 years: 59 million (est.).

Americans who owe more on their mortgage than their home is now worth: 10.7 million.

Percent of borrowers nationally whose mortgages are "under water" (houses worth less than the
mortgage): 23.

Foreclosures in first quarter of 2010: 930,000.

Foreclosures expected in 2010: 3 million.

By: Travis Voter

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