A recent article has issued the crisis of foreclosing homes and properties taking place in New York. Ever since the U.S. mortgage crisis, homeowners have suffered from losing their homes to banks in late August. A total of 338,836 properties have faced total foreclosures last month in which Sharga, RealtyTrac senior vice president addresses that “the more price pressure, the more homes are in danger of going into foreclosure because they’re going to be upside down.”
The root of the problem traces back to high unemployment rates and wage cuts, thus homeowners are heading in a trap as their mortgage is eventually higher than the home’s value.
Ethical? Not very I believe. These homeowners who are being targeted by banks have no choice but to sacrifice their homes to the bank. On the other hand, nobody has money during a crisis, but everyone needs a place to live. In America, most real estate properties are rented from the state and federal government. Thus the government fails to acknowledge the unfairness targeted against the homeowner.
http://news.yahoo.com/s/nm/20100916/ts_nm/us_usa_housing_foreclosures
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