Even as we reach the end of 2010, the housing market crisis is still continue and forecasts state that it will get even worse. 59 million homes in the United States have lost their value and 75 million Americans are living a nightmare regarding the housing downturn. In other words, 1 in 4 Americans have mortgages that are upside down and more is owed than what the homes are worth.
Constructing new homes is a thing of the past and may be for a while to come. It’s even cheaper to tear down the homes than it is to complete the building of finished homes. One bank in California paid to demolish sixteen homes that were not complete as it was cheaper to get rid of them than to complete and maintain these houses. Empty subdivisions and residential areas resemble ghost towns as six million homes have been lost through foreclosures during the past three years. This results in even more decreased home values.