DIR Return Create A Forum - Home
       ---------------------------------------------------------
       Live Economy Forum
  HTML https://liveco.createaforum.com
       ---------------------------------------------------------
       *****************************************************
   DIR Return to: Economy Sectors
       *****************************************************
       #Post#: 6--------------------------------------------------
       United States real estate sector, 5 years after the Housing Bubb
       le Burst
       By: liveco Date: September 11, 2013, 12:15 pm
       ---------------------------------------------------------
       So how is the US doing 5 years after the Housing Bubble Burst?
       Probably doing ok, there signs of recovery. The GDP of the
       United States is expanding
  HTML http://mecometer.com/whats/united-states/gdp-growth-rate/
       and
       the US unemployment is shrinking
  HTML http://mecometer.com/whats/united-states/unemployment-rate-sa/.
       Good news, yeah?
       Hold on. Another question. How are the people doing? Yes, the
       millions of US citizens who are swimming in underwater
       mortgages! Well, I would say, not so well
       Lets take Richmond USA as a case study, shall we?
       [quote]
       Half of all Richmond homeowners are currently underwater and
       could default at any moment, creating a desperate situation for
       the predominantly working-class city. Sixteen percent of city
       residents’ mortgages have already gone into foreclosure.
       [/quote]
       I guess this is the situation in most cities in USA, but
       Richmond has done something clever and I hope all cities in
       other States will follow the path:
       [quote]
       Richmond, CA may become the first city in the U.S. to take over
       underwater mortgages after city council members approved an
       unorthodox plan to protect residents from foreclosure early
       Wednesday morning. The proposal would allow the city to seize
       properties through the power of eminent domain if lenders reject
       Richmond’s offers to buy the loans discounted to their current
       market value. Eminent domain lets a government seize private
       property as long as it is furthering a public good. In
       Richmond’s case, that public good would be to lift the city out
       of an economic slump and keep residents off the streets.
       [/quote]
       Read more on Thinkprogress.org:
       Is This City’s Radical New Plan The Answer To The Housing
       Crisis?
  HTML http://thinkprogress.org/economy/2013/09/11/2602771/california-city-eminent-domain-mortgages/
       *****************************************************