Home construction in June reached its lowest level since October, 2009. That, plus potential new foreclosures, could negatively impact the housing industry across the US.
Cape Coral, Fla., not long ago one of the foreclosure capitals of America, is now seeing a rebound as home prices hit once-in-a-generation lows.
Sliding prices helped push sales up for the third straight month in June. But foreclosures are expected to rise again.
Foreclosures hit new highs in April and more are expected in months ahead.
The White House will use $75 billion to subsidize the loan payments of distressed mortgage-holders.
From California to Florida, investors snap up distressed properties, hoping to profit.