Newly-elected President Barack Obama has appointed a Housing Secretary and will have to get ready to a challenge of possibly stopping foreclosures and at the same time stabilizing the crisis on house market.
Fed Chairman Bernanke testified before Congress on Tuesday, saying that the recession would end in 2009 as long as the credit markets continue to improve and the problem of foreclosed homes continue to be resolved.
Listings of repo homes are expected to grow in the coming months because of the continued rise in mortgage defaults. According to LPS, about 12.4 percent of U.S. homeowners with mortgage loans were in default by 30 days in October.
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