According to survey, more than 243,000 filings for foreclosure have been recorded April 2008, which is higher by 65% the previous year, giving the local governments big problems. The Congress has been discussing and debating plans on how to aid this problem and the troubled homeowners. But even with the Congress’ initiative, the rate of foreclosure has not shown significant changes, only very little signs of slowing could be noticed. This record of foreclosures affects the real estate market, making the home prices lower than usual. Due to the falling value of homes, towns, cities, and villages’ property taxes are also affected, not collecting as much as before.

by: Vii