The housing crisis may not be fixed until unemployment rates fall

A new report suggests that even if loan modification programs function as intended -- which they do not -- our nation will not emerge from the dark days the housing crisis until the unemployment problem is fixed.

Many homeowners who received trial or permanent modification in 2009 were unable to keep up with their reduced monthly mortgage payment. Because they lost their jobs and cannot find new ones. To me the situation seems, for lack of a better word, hopeless. People aren't spending money because they just don't have money to spend. Many do not have jobs anymore. Businesses aren't hiring because there is not enough demand. Many are cutting budgets and enduring massive layoffs.

Is the problem ever going to get better? Well I think it has to. Eventually. But I also think that it's going to take a very long time. As in 2 more years, at least, before everything gets back to normal. Maybe even 3.

If you are suffering financial distress, there is light at the end of the tunnel. Quintana McConnin & Sarte LLP is a full service law firm committed to helping homeowners and other similarly situated victims of the economic crisis. Visit us online at www.qmslaw.com.