Free resources for homeowners in trouble
A record 3 million homes received foreclosure notices in 2009, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). He expects a similar number this year.
Since the housing market’s peak in July 2006, home prices have plunged 30% on average, with prices in some markets, such as Las Vegas, Phoenix and parts of Florida, falling more than 60%. NAR’s Yun estimates home-equity losses from the housing meltdown totaled $7 trillion at the end of 2009.