The number of homes entering foreclosure has continued to rise for the past few years. Despite having an economy that is slowly recovering from the recession, many Americans are still facing the compounding financial pressures of the past few years. Homes in every state are suffering the fate of foreclosure, which accounts for nearly one-third of all home sales each year.
The Minnesota housing market continues to sink
The housing market in Minnesota has taken a huge hit this year with nearly one-half of all home sales the result of foreclosure. The Minnesota housing market troubles are mostly the result of overbuilding, declining property values, and large amounts of mortgage fraud. It is predicted that the market will hit a second, all-time low, and threaten the economy even further. Minnesota homeowners have been trying to keep their heads above water in this drowning housing market for the last several years.
The plan was to provide a government backed financial bailout using taxpayer dollars in an effort to alleviate the pressure on homeowners. The government bailout isn’t helping as once thought and more families continue to sink in this market each month. The bailout failure is likely the result of inconsistency in practice, backlogged paperwork and an increase in mortgage scandals. Minnesota officials, like Senator Al Franken, are now calling for Congressional help to pull the housing market out of deep water.