New Housing Crisis

Didn't they say we were over this???
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• 5 million borrowers over 2 months behind on payments
• 1.2 million homes will be repossessed this year (new record)
• +1 million homes repossessed in 2010
• 2.9million homes rec'd forclosure filings in 2010
• filings increased 23% in 2010

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House prices have fallen for 4 1/2 yrs
total cost down 29%
in Great Depression declined 25% (1929-1933)
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1 in 11 Nevada homes rec'd foreclosure in 2010
CA, FL, AZ, IL, MI acct for 51% of nations foreclosures
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Property taxes might still be paying 'bubble era' pricing on their houses.
it may take up to 3 1/2 - 4 yrs for a house to reach the value property taxes are based on