Subscribe to the BlogThere have been record bankruptcy filings by individuals in US primarily due to crashing property prices coupled with job losses. The fall in US house prices started nearly one year back, and that is not showing any signs of reversing.
In fact the latest data shows that the average house prices have dropped by 12% year on year due to increased supply of existing homes by all those who have lost their jobs or businesses. The weak economic condition has forced millions of people out of their jobs and businesses, which in turn has lead to increase in home seizures.
Seized homes form a major part of the home sales in the last few months, and all these are sold at market rates which are tending lower. With no signs of economic recovery, and with continuing job losses, experts are seeing more home price troubles for months to come.