Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures if they fail to pass the Bush administration's $700 billion plan to bail out the financial industry. Full Story >
Posted by Trina Kinstler - email
CINCINNATI, OH (FOX19) - No part of the US economy is more vulnerable than the housing market, which got over inflated, then saw its bubble burst.
Now, under the proposed federal government bailout, even those with good credit may face trouble securing a new home loan.
Interests rates are low, so you'd think this would be a buyer's market, but the credit crunch means there's not much money available, especially if your credit is questionable.
If you're in the housing market, experts say to find yourself a full time, reputable real estate agent to help you navigate through these turbulent waters.
Locally, city and county leaders are working to cut down on the number of foreclosed homes.
The Hamilton County's Homeowner Preservation Group says foreclosures are up 200 percent in the past 10 years.
So Hamilton County commissioner David Pepper and Cincinnati city council member Jeff Berding are behind a new billboard campaign encouraging homeowners to call 211, the number for United Way, for foreclosure help. The United Way can help get you in touch with a counselor.
The preservation group claims to have saved more than 700 homes from being foreclosure.