Barack Obama and Housing Crisis in US of A
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by: TravisVoter
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Word Count: 279
Date: Tue, 28 Dec 2010 Time: 5:27 AM
The housing crisis has been at the center of the economic exchange after the Great Recession started began in 2008. But just what is purposed by the housing crisis-or mortgage crisis-and how distressed is it?
Over two million lost their homes in 2009. Out of 75 million United States homeowners, nearly 60 million have realized their home's value crumble factually over the past two years. More than 10 million Americans are up side down with their mortgages, meaning they owe more money on their loan than their home is now worth.
Meager planning by banks, the issuing of subprime loans, and a blemished housing bubble led to this crisis. Let Vote iQ be of use for you to explore 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 properties expected to have sold in May 2010: 6.12 million (est.).
Number of existing properties actually sold in May 2010: 5.66 million (est.).
Date when government tax credit for home buyers expired: May 1, 2010.
homes insured by the FHA since its inception in 1934: 34 million.
Number of properties currently insured by the FHA: 4.8 million.
Number of Americans who own their own home: 75 million (est.).
Number of houses that have reduced 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" (homes worth less than the
mortgage): 23.
Foreclosures in first quarter of 2010: 930,000.
Foreclosures expected in 2010: 3 million.
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