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 The
US foreclosures market could see new growth as unemployment continues
to rise in the US, it has been predicted.
More people out of work could mean a rise in the number who cannot meet
their mortgage payments and thus lose their homes, noted Reuters.
Economist Christopher Thornberg of Beacon Economics told the news agency
this could have the effect of lowering property prices overall after a
recent recovery in values.
He said: "Is there a chance for a double dip in home prices after
this next surge of foreclosures hits the market? Absolutely."
Such a situation could favour those seeking bargain property deals in
the country.
The US department of the Treasury has revealed that it expands its trial
loan modifications scheme from the start of next month under its Making
Home Affordable programme to assist homeowners to stay in their residences
and avoid foreclosure.
It had already set a target of issuing 500,000 loans by the start of
November.
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Newsletter:
25 May 2012 2012 to 1 June 2012 - Dullstroom, Mpumalanga, South Africa
