Two recent news articles indicate that while figures on home sales continue to grow, there are an increasing number of American homeowners who are underwater on their mortgages. The number of American homeowners with a mortgage who are behind in their mortgage payments or in foreclosure is 13%. One analyst has predicted that by 2011 nearly half of American homeowners will be underwater on their mortgages, in other words they will owe more on their house than their house is currently worth. This situation is going to exacerbate the problem of foreclosures.
The most recent report on home resales showed a 7.2% increase, the largest monthly increase in at least 10 years. First-time homebuyers continue to create movement in the marketplace as they hurry to close a deal before the November 30th deadline for the first-time homebuyers tax credit.
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