The fact of the matter is, at this point it doesn't really matter whose fault it is. We all know that the economy has been in utter shambles for well over two years now and while economists may be saying that the "Great Recession" is officially over, does anyone feel good about that?
No! Unemployment is still staggeringly high and the outlook isn't good. There are millions of people who have now been unemployed for well over a year now. The average length of time it takes to find a job has gone from less than eight weeks to a shocking well over eight months.
The housing market has been in steady decline for about five years now. There were a few positive signs when the government offered tax credits for first-time home buyers, but as soon as the tax credits expired, the housing market slumped again to lower than it was before the credits. And then when home buyers found out that they had to pay those credits back, they realized that it wasn't really a credit at all – just a temporary loan. And as the market has continued to decline, many of these home buyers who took advantage of those tax credits, now already find themselves under water on their newly purchased homes.
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