Foreclosure Rate on Homes is Not a Sign of Recovery
According to a Bloomberg Businessweek report published September 21, 2010, U.S. home seizures reached a record high in August for the third time in five months. The article goes on to say, “Foreclosures are contributing to a growing housing supply that may add as many as 12 million homes to the U.S. market.” The article also attributes lessening demand to high unemployment and the expiration of the federal tax credit for home buyers.
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