The Government IS the Mortgage Market

A few other markers of continued troubles in the housing market for you:

First, Zillow reports 23% of homeowners with mortgages were underwater during the first quarter. Nearly one-third of homes sold in March sold for less than the sellers paid.


In the first quarter, 96.5% of all new mortgages written were backed by either Fannie Mae, Freddie Mac or the Federal Housing Administration. A trend that’s been in place since the top of the housing bubble in 2006 has reached its logical conclusion.

The mortgage market in the US has been effectively nationalized.

About Addison Wiggin 88 Articles

Affiliation: Agora Financial

Addison Wiggin is the editorial director of The Daily Reckoning, and executive publisher of Agora Financial, a multi-million dollar financial research firm and publishing group based in Baltimore, Maryland. His second edition of The Demise of the Dollar… and Why it’s Even Better for Your Investments was just fully revised and updated.

He is also the executive producer of and a writer of I.O.U.S.A. a feature length documentary film nominated for the Grand Jury prize at the 2008 Sundance Film Festival. The film is inspired by the international bestsellers Financial Reckoning Day and Empire of Debt, which he coauthored with Bill Bonner.

Visit: The Daily Reckoning

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