America’s Real Estate Catastrophe
America’s real estate upheaval is become worst and worst and it seems that US could not get rid of crisis soon. It embarked on in 2008 up till now. No one knows that how longer it will go. Underwater Mortgage is the main factor which destroyed the business of real estate in America. Before 2008 real estate was the backbone of US economy but now the real estate business wipes out. America, who once had strong economy, now going down due to the devastating crisis, of the real estate business. House prices are going down and everyone is worried that whether it will go to remain in lose or going towards the betterment. Businessmen who are involved in that business are frustrated and left it and start other business as they are facing financial problems.
Banks and companies are clogged to give home loan to the people who are interested in buying new homes. Before that anyone could easily get home loans without any difficulty. There is no check and balance that either the person who is taking loan will return it or not. It looks very hard that US real estate market will rise again and play the essential role in the economy of America. It is like a nightmare for Americans. It is a very hard time for Mortgage professionals as no one interested in home loans. Most of the mortgage is in evasion which makes the situation most awful for the business. Now banks and financial institution make it difficult to give the home loans to the interested candidates. Many Americans want to sell their houses but they could not find the buyers as no one interested to buy homes.
There is not any company who shows interest to construct housing schemes. Due to this unemployment is increasing as many construction companies are closed due to the devastation of real estate business. No new homes are constructed any more. There are mortgage professionals and banks that encourage people to take loan even they don’t have sufficient income. People take loans but fail to return to the banks which cause this huge crisis. Many time people are careless and don’t return the money to the banks even they can easily afford that. Financial institutions show the person that how much benefit they will get to finance their homes or mortgage. Due to the lack of interest from the both sides the economy of America collapses. It seems that America couldn’t get rid from this catastrophe. There should be strong law for mortgage and home loans. It should be necessary to take strong steps to recover the crisis of real estate business.
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