In United States of America, the ratio of owned property has always outweighed rented property. Prior to subprime mortgage crisis, the real estate market in USA favored investments. Therefore, buying a property was a good investment. The prevailing condition in the real estate market depends greatly on housing demand. A mild fluctuation can affect the housing market to a great extent.
Not only did the mortgage defaults attribute to the economic slowdown but credit card defaults added to the credit crunch too. Recent reports suggest that many consumers wanted to refinance their existing mortgage loans as the interest rates were low. The trend however subsided and the number of refinance application greatly reduced.
President Obama recently announced a new mortgage plan which hopefully will help the real estate market in United States of America to recover. Many have pinned their hopes on the new mortgage program. Under the new mortgage plan, it will be possible for homeowners to refinance their existing mortgage loans at a lower rate of interest, one of the key aspects included in the mortgage plan.
Not only did the mortgage defaults attribute to the economic slowdown but credit card defaults added to the credit crunch too. Recent reports suggest that many consumers wanted to refinance their existing mortgage loans as the interest rates were low. The trend however subsided and the number of refinance application greatly reduced.
President Obama recently announced a new mortgage plan which hopefully will help the real estate market in United States of America to recover. Many have pinned their hopes on the new mortgage program. Under the new mortgage plan, it will be possible for homeowners to refinance their existing mortgage loans at a lower rate of interest, one of the key aspects included in the mortgage plan.
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