Facts Relating to The Housing Crisis in the U.S.A.

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The housing crisis has been at the focus of the economic discussion from the Great Recession began in 2008. But just what is involved by the housing crisis-or mortgage crisis-together with how bad is it?

More than two million lost their homes in 2009. Out of 75 million American homeowners, nearly 60 million have found their home's value dwindle characteristically over the past two years. More than 10 million Americans are underwater on their mortgages, meaning they owe more money on their loan than their home is now valued.

Feeble planning by financial institutions, the growing number of subprime loans, and a damaged housing bubble led to this crisis. Let Vote iQ help you to inspect this issue, from its complex economic experiences to its palpable political repercussions.

Number of Americans who own their own home: 75 million (est.).

Number of homes that have declined in value over the last 2 years: 59 million (est.).

Number of Americans who owe more on their mortgage than their home is now valued at: 10.7 million.

Percent of borrowers nationally whose mortgages are "under water" (homes worth less than the
mortgage): 23.

Foreclosures in first quarter of 2010: 930,000.

Number of Foreclosures expected in 2010: 3 million.

Percent of national foreclosures accounted for in the six states of California, Florida, Michigan, Illinois,
Arizona and Texas: 60%.

Number of new single family properties expected to have been sold in May 2010: 400,000.

Number of New single family homes actually sold in May 2010: 300,000.

Number of New single family houses sold in May 2009: 367,000.

Percent decrease in new home sales from April to May 2010: 33%.

Existing properties expected to have sold in May 2010: 6.12 million (est.).

Number of Existing properties actually sold in May 2010: 5.66 million (est.).

Date when government tax credit for home buyers expired: May 1, 2010.

homes insured by the FHA since its inception in 1934: 34 million.

Number of homes currently insured by the FHA: 4.8 million.
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