Well – seeing as the American Government Inc now seems to – directly or indirectly – hold all the mortgages on all the residential property in the U.S, a new panel and conference has been instigated to discuss the future of housing finance.
Property prices in the USA are continuing to fall. Currently, 10% of all mortgages in the US are in arrears – either in foreclosure or the process of. Many states are implementing forclosure delays, preventing banks from continuing the process for a period of time, but all this does is delay the bust. Many smaller construction companies are facing foreclosure on their partially complete, or already completed projects, and with prices continuing to fall, these are now beginning to join the ranks of the foreclosed.
