While house ownership numbers are falling the numbers or rentals are increasing. The demand is causing activity in the housing sector but mostly in the multi-family segment. Unemployment and foreclosures continue. People prefer to pay rent rather than mortgage dues.

There is something inherently wrong with the government foreclosure prevention programme because of the defaulting house owners 80% are not eligibility. To make the programme a success the conditions for eligibility will have to be widened.

The Federal Reserve has sent without prompting a note to various financial committees of the Congress warning of imminent danger ahead. Three other top officials of the Fed have echoed the same view. The government’s covering up of inept handling of operations by zombie bank has led to the continuation of the crisis; the middle class is worst affected.

There are many factors explaining why foreclosures take place and where it happens. Race is one of the important factors apart from crime, income levels, employment picture, value of property etc. But research has shown that the White investors played an important part in concentration of foreclosures in Black neighbourhoods.

War has been declared between the police union and management of Stockton City. To narrow down a staggering budget deficit the city has started to trim the police force and cut down on wages and benefits. The citizens are feeling that with a lesser number of police personnel they will be exposed to more crime and criminals.

Florida today is quite different from what was when the previous presidential elections were held. The economy is crushed thanks to foreclosures and unemployment. The value of houses for nearly each single owner has gone down causing even those with jobs and houses to roll in for free meals at soup kitchens.

Nevada law mandates mediation session prior to starting foreclosure. The banks would have act in good faith during mediation. One borrower, denied review in lower court, appealed to Supreme Court accusing HSBC bank of not having acted in good faith. The Supreme Court opined in favour of borrower and returned case to district court where the judge interpreted the opinion to all practical purposes favouring the bank.

The Trustees Program has accused the banks of falsifying documents and inflating loan due amounts causing untold harm to the house owners. Under pressure from the Congress the Justice Department bestirred itself following the robo-signing scandal in 2010 fall. But targeting countless lower level employees who obeyed orders from superiors would be of no use.