Something to ponder over your morning coffee this Monday morning: a whopping 45% of all U.S. housing sales in Q4'08 were categorized as "distressed" (foreclosures and short sales).
Clearly the housing situation in the U.S. is serious and getting worse with each passing day as the economy deteriorates. Last week President Obama introduced a comprehensive plan to address the situation. Here are the salient points to understanding President Obama's mortgage bailout plan:
- only owner-occupied homes will be eligible for mortgage assistance (2nd homes and vacation homes are ineligible, as are speculative buys and properties that were bought to "flip")
- purchasers who did "liar loans" will be ineligible (includes no doc loans in which no income or…
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