State of the US housing market

With one in 634 houses in the US receiving a foreclosure notice in December and more than 1,332,380 under foreclosure notices now, the US housing crisis has struck all 50 states. Many of those foreclosures are likely due to reports that financial institutions allegedly used false documents and cut legal corners when repossessing borrowers’ homes.

After a lengthy investigation, US regulators announced a settlement, worth up to $39.5bn and covering almost all 50 states, that would resolve allegations that five leading banks systematically abused borrowers in their pursuit of improper home seizures.