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| Millions of families risk losing their homes in the US |
| Published on 25-08-2008 | Email To Friend Print Version
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A simple and quick solution to the problem does not seem to exist
The American Congress is in the process of preparing a plan to support those borrowers who are having difficulties in the repayment of their housing loans. 2.6 million people are reported to be in default and are therefore facing the possibility that their homes could be sold by the banks at auction to recoup loan repayments.
Congress is attempting to accelerate procedures to approve the relevant regulations; however in the last 8 months problems seem to be getting bigger day-by-day.
More than 3 million borrowers are reported to have some difficulty and economists predict that yet another 2 million will have problems with their repayments in the next 12 months. Meanwhile, property values are decreasing further and the economy is starting to attenuate.
The new regulations being brought to bear by Congress will allow some borrowers to renew their loans with better terms and conditions – increasing their payment period to 30 years - with stable interest rates guaranteed by the government.
However, the problems of the property market in the US are not something that can be sorted out over night. According to Lehman Brothers, prices can expect to fall by 15% by the end of 2009. A simple and quick solution to the problem does not seem to exist and the authorities will have to use all the available “tools” that they may have at their disposal. How much time it will take to provide these much-needed solutions is currently unknown, but it is certainly taking them more time than previously expected.
The Top Properties Team
August 2008 |
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