Top Democrats demanded quick action on the sub prime mortgage crisis, saying President Bush has been slow to address a situation that could cost millions of Americans their homes. Senate Majority Leader Harry Reid of Nevada said at a joint news conference with House Speaker Nancy Pelosi of California that, “This [situation] is a national crisis. Hard hit in the mid west, branch offices for the secretary of state, Michigan’s equivalent of the department of motor vehicles, posted signs over some weekends saying they were closed. This caused a panic with many offices filling last week with residents whose driver’s licenses or license plates were to expire soon. Of the Michigan’s 53,000 employees, 35,000 were temporarily laid off, including four-fifths of the state police troopers. Some effects of the shutdown became apparent as campers and trailers were ordered to leave state parks. Even freeway rest areas were barricaded while several drawbridges remained up and not usable. Traffic monitoring cameras went dark at midnight at many busy intersections. Revenue generators like state lottery operations, liquor sales and road construction were halted. The state threatened unemployment offices, which are critical in a state that has lost hundreds of thousands of jobs in recent years, would close. “Many homeowners face foreclosure as a result of their adjustable-rate mortgages that have now reset to higher interest rates, increasing their monthly payments so they cannot afford to pay them,” said Jeff Kaller real estate investor and Pre-foreclosure specialist. The sudden push by state officials to deal with foreclosures and the housing slowdown comes on the heels of recent federal action, including the Federal Reserve Bank’s lowering interest rates by one-half of one percent. More than a year after foreclosures started to skyrocket through out the United States; lawmakers have finally taken notice and are considering measures to keep local residents from losing their homes. In other cases, foreclosures have resulted because speculators counted on continuing appreciation, only to have the housing market slow, and prices stagnate or drop. Foreclosures are putting downward pressure on home values nation wide. Home inventory is at historic levels and 46 percent of those homes are empty. Statistically, for every one percent decline in housing prices, the cost to single-family residential property owners is $800 million. According to Kaller, “Pre-foreclosure investors offer options to distressed homeowners by salvaging their credit and providing a way out of the property.” Jeff Kaller is the leading short sale and pre-foreclosure expert Nation wide. His students have really done well in our Michigan Market. If they do well in Michigan’s depressed real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. Jeff offers free lessons and instructions for the amateur investor who wants to get in on the profit making. His free e-book is available at his website http://www.freeshortsalecourse.com/ Contact Information: Paramount Promotions LLC (The Countries Leading Short Sale Trainer)
Mark Maupin 303-B Anastasia Blvd. #148 St. Augustine, FL 32080 904-819-0676 Email Address: mgeronimo@thejeffkaller.com This Press Release has been submitted by PREasy.com
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