Blog About: California Receives $700 Million in Federal Housing Aid

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Four million foreclosures are expected this year. That's four million bad credit reports for those unfortunate homeowners. Will they ever be able to buy a house again or are they locked out of the housing market forever?

"The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program." ∙ Obama May Prohibit Home-Loan Foreclosures Without HAMP...

More government mortgage assistance may be on the way for troubled homeowners. Several state housing finance agencies in Arizona, California, Florida, Michigan, and Nevada have qualified for the latest Obama administration foreclosure prevent effort. The Hardest Hit Housing fund is designed to help homeowners headed for foreclosure due to steep housing price declines or rising employment.

With the economy slowing and the housing crisis still going it is no wonder why the federal government is trying to mask the true health of the housing market. No one can say that the federal government has not tried to find that silver bullet when it comes to their response to the housing market crisis.

The number of US homes lost to foreclosure could pass the one million mark, if the pace of the first six months of the year is any indication. Just under 528,000 homeowners fell victim to foreclosure through June, a pace that is well ahead of the foreclosure record of just over 900,000 set just last year. Indicative of the worst US housing crisis in history, the numbers dwarf the usual average of foreclosures per year: just over 100,000.

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