Article Image

IPFS News Link • Economy - Economics USA

1.2 Million Households Disappear, Putting Pressure on Home Prices and Rents

More than 1.2 million households [have been] lost to the recession, according to a report issued this week by the Mortgage Bankers Association that looked at data between 2005 and 2008. That number doesn’t include information from 2009, when job losses and foreclosures continued to rise.

1 Comments in Response to

Comment by Ross Wolf
Entered on:

While the press has not discussed it, Obama’s health care bill will force unaffordable health insurance costs on Americans that will increasingly disqualify home buyers getting home mortgages. Many homeowners will not be able to pay both health insurance premiums and their mortgage. Obama claims he wants to stop the huge number of home foreclosures, but costs of forced health insurance will destroy most Americans’ largest single asset, their home equity as values drop because individual health insurance costs will disqualify millions of new home buyers getting loans. That could prove disaster because qualified mortgage borrowers are needed to stabilize homes values that now secure $Trillions in bank held mortgages. Consequently county governments will increasingly see lower property values causing less collected property taxes and will have to increasingly layoff government employees to stay within declining budgets.