Since the real estate bubble burst in 2007, many people have fallen behind on their mortgage payments. As a result, banks and financial firms have seen profits decline as short sales and foreclosures pile up. Five years later, the country is still feeling the effects of the bubble burst. About 28% of all single-family homes with a mortgage in the United States are now underwater, with U.S. home prices down nearly 33% from where they were during the peak of the housing bubble, real estate intelligence firm Zillow… Read More
Since the real estate bubble burst in 2007, many people have fallen behind on their mortgage payments. As a result, banks and financial firms have seen profits decline as short sales and foreclosures pile up. Five years later, the country is still feeling the effects of the bubble burst. About 28% of all single-family homes with a mortgage in the United States are now underwater, with U.S. home prices down nearly 33% from where they were during the peak of the housing bubble, real estate intelligence firm Zillow Inc. (Nasdaq: Z) reports.#-ad_banner-# As a whole, the U.S. housing market lost nearly $6.3 trillion in value since the housing crisis first began. This lost value has hit homeowners and lenders equally hard. Historically, the percentage of residential mortgages in foreclosure in the United States hovered between 1 and 1.5%. Today, it is up about 4.5%. Foreclosure filings in the United States are projected to keep increasing for the next few years, according to RealtyTrac, an online database of foreclosures, auction and bank-owned homes. To make… Read More