Washington can ease mortgage crisis

Let’s take a step back to get some perspective. Across the country, home sales are in decline and prices are falling. The price of a home in the metro Detroit area has dropped by more than 17% since its peak three years ago. Sales are also declining in most areas around Wayne, Oakland, Macomb and Livingston Counties. While sales were up in September, the increase was mainly the result of higher-than-normal foreclosure sales.

While home sales are slumping, of equal concern is the rising number of Americans who are losing their homes because they are no longer able to make their monthly mortgage payments. The Mortgage Bankers Association recently reported that the percentage of U.S. mortgages entering the foreclosure process set a new record in the second quarter of this year.

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