After Ben Bernanke (Federal Reserve Chairman) said home prices may continue to fall, the national currency falls even more against the Euro. In New York, Bernanke pointed that the foreclosure crisis, the most severe real estate recession in decades, may hurt more than just lenders and homeowners and he urged the government and lenders to try harder to reduce the number of foreclosures.
With the foreclosure crisis, the home prices are falling in every major U.S city. According to S&P/Case-Shiller the home prices tumbled 12.7% in February compared with last year, and according to real estate specialists the crisis is far from over and tendencies are that home prices are going to drop even more. The significant price drop on homes is affecting neighborhoods, as well as the building industry. Builders have already met Bernanke on closed doors to discuss the crisis, and what can be done to avoid more people losing their homes. As well as builders many real estate brokers are complaining that their business just died. As you can see the real estate crisis is far from over and is now affecting more and more sectors of our society. Has the house foreclosure crisis hit you yet?
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