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Foreclosure Crisis Reflects the Real Estate Into the Abyss

The end of October in Washington, autumn is strong. Congressional mid-term elections approaching, politicians are in full swing. For Americans who lost ownership of housing, neither appreciate the Autumn Melody of interest, too busy to judge the reality of the political soap opera.

A case surrounding the housing foreclosure crisis is unfolding.

The so-called foreclosure refers to the home owner can not pay the mortgage, housing mortgage loans by banks and other institutions to recover. As we all know, the U.S. real estate market bubble burst is the current global financial crisis directly curse. Peak from the summer of 2006, counting more than four years past, the U.S. housing market has yet to bottom out. According to the U.S. real estate professional organizations RealTrack expected U.S. housing foreclosures this year will be more than 3 million cases, more than 2.8 million set last year's record. A large number of foreclosed homes into the market, on a significant downward pressure on prices, further hampering the housing market recovery.

Recently heard the case of bank foreclosure fraud. Feb. 8, the largest U.S. mortgage lender Bank of America announced the suspension of its nationwide foreclosure sales activity, has opened a U.S. banking crisis of foreclosure. 50 U.S. states Attorney General immediately launched a foreclosure case against the joint investigation, aimed at identifying whether the banks and loan service providers who use false documents and the number of one hundred thousand signatures to prove that the loss of a mortgage foreclosure housing . Subsequently, the FBI is also involved in the investigation. Implicated by the case of foreclosure, as of October 15 in the week, Bank of America, JP Morgan Chase, Citigroup and Wells Fargo and other major banks in market value has shrunk by about 500 billion U.S. dollars.

The Fed on Oct. 25 with the U.S. Federal Deposit Insurance Corporation (FDIC) devoted to mortgage foreclosures and real estate market outlook seminar jointly held. Fed Chairman Ben Bernanke said at the meeting, the Fed is "closely investigating the mortgage company and the foreclosure-related policies, procedures and internal controls to determine whether the systemic weaknesses led to the foreclosure inappropriate. We will be severely punished acts of violation of due process. "

For the treatment of real estate, U.S. policymakers no less effort is needed, multi-pronged fiscal and monetary policy. The government first in 2008, shortly after the fall of the financial crisis, emergency two mortgage agencies Freddie Mac and Fannie Mae (the "two room"), then in 2009 introduced the first home concession, and the approval of Congress twice extended The incentives to encourage consumers to buy a house. In addition, the Ministry of Finance has also issued public-private acquisitions and real estate projects.

In monetary policy, the Fed in December 2008 the federal funds rate has been reduced to zero to 0.25% of the historically low levels, and has been maintained so far. In particular, the Federal Reserve began in March 2009 from the implementation of innovative quantitative easing monetary policy, the acquisition of treasury bonds and agency bonds, creating a low interest rate environment. Earlier this month, 30-year fixed mortgage rates hit 4.19% the lowest level in 40 years.

However, patients with a variety of prescription did not play on this severe significant effect. Standard & Poor's latest data show that in August, the U.S. house price index in 20 major cities fell 0.2% qoq, to 15 months of consecutive decline. Insiders predicted that there are about 10% of U.S. home prices to fall. Bernanke said: "The real estate market is still weak, a high level of mortgage difficulties will continue for some time." "Washington Post" published on the 28th of the latest survey, more than half of Americans are "very worried" or "more worried about "their mortgage or rent payment ability.

Has no financial room for maneuver, and only hope that the Federal Reserve to implement the new ultra-loose monetary policy. The forthcoming new round of quantitative easing policy can reshape the market confidence is still unknown, but the uncertainty caused by this policy, has become enveloped in the United States and the world's large shadow economy.

Study of historical data, the U.S. economy showing a cycle of about 8-10 years, while the financial crisis, according to well-known investor George Soros to judge, is a more than a quarter century, the great bubble burst. Dash of black hole how deep the U.S. real estate, and perhaps no one can ascertain.
About Author Lanbo Jiang :

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Article Added on Monday, April 2, 2012
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