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Foreclosed houses are not selling as expected. Rising joblessness has shied off potential buyers. According to a recent poll over half the number of would-be buyers are cautious about investing in property as they are haunted by a fear of losing jobs.
The rising foreclosures are considered by all to be a curse and plague – very few will beg to differ. The spirit of the homeowners has been broken as they face homelessness.
Despite innumerable measures by the government there is no let down of the recession. It is mainly because foreclosures are ensnared in the tentacles of the dreaded MERS. MERS is the shortened form of Mortgage Electronic Registration System. It survives in a humble office off Washington shunning publicity[...]
People are no longer taking it lying down and public ire is now preventing foreclosure evictions. Hitherto the victims used to meekly pack their bags and go under the belief that the borrowers were the main cause of the crisis. But now the view has changed and the people are taking a stand.
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