CNNMoney reports that more and more people are defaulting on their mortgages and are forced to declare bankruptcy. This is making it very difficult for the already strained housing market which continues to fall every day. While market watchdogs continue to repeat that this is just a cycle in the market, it cannot comfort the millions of Americans who are no longer able to keep up with rising costs of living as well as balancing their payments on their home mortgages.

The Census Bureau reports that nearly 3% of homes up for sale on the market were empty, their owners unable to wait to move before their house was sold. With unemployment and inflation rates rising, many fear we are seeing the coming of a serious recession, with no end yet in sight.

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