Largely as a result of the continued decline of the housing market and flood of foreclosures, the nationwide unemployment rate has increased from 6.5 percent in October to 6.7 percent in November, the highest rate in 15 years. According to the Labor Department, employers in the private sector eliminated 533,000 jobs during the month of November, the highest number in 34 years. Most of the job losses were in the manufacturing, construction, financial, retail, leisure and hospitality industries.

The increase of home sales in areas where prices are down is logical. In Merced, home prices plunged by 43.2 percent to $130,300. The county is the most inexpensive market in California. The median price of a standing house in Fresno is down by 32 percent to $168,000 from last year while home prices of brand new homes decreased by 12.7 percent to $248,000.

The announcement of the Federal Reserve that it plans to spend about $600 billion to purchase mortgages has resulted to a drop in loan rates and improved home affordability, which many analysts hope will boost sales of foreclosed homes.

IHS Global Insight announced that the housing value this third quarter of 2008 falter faster nationwide. Home prices depreciate at a 6.9 annual rate touching 241 of 330 metropolitan areas. If measured by market value there is a 3.8 percent undervaluation, but if measured by housing units, we are down by 5.7 percent. All these brought about by foreclosure.

Despite the sudden decline in Miami foreclosures this November, experts say this is not an indication for any promising trend that would put an end to the housing crisis. A number of auctions that have been scheduled as well as other activities on this matter have been decreased since October.

Last month some financial organizations promised to delay foreclosures for the holidays. JPMorgan Chase (JPM) promised not to add loans into foreclosure process in the next 90 days. They also wanted to help 400,000 borrowers keep their homes by adjusting their loans, opening loan counseling centers and to reach out to problematic borrowers.

Several federal government agencies are trying all avenues to lower mortgage rates to an unprecedented rate of 4.5 percent to abate the surge of foreclosures and hopefully strengthen the housing market.

Now that the housing market is in shambles and home prices are at its lowest level, most homeowners think that today is the right time to venture into the real estate market business. Yes, buying a home, especially a foreclosed one, may seem to be a good investment right now.

Predatory practices in home loans and mortgages have lured thousands of hapless residents in Michigan, which eventually resulted to foreclosures, with families forcibly thrown out of their homes without any protection or second chances. An experience like this would not only devastate a family and put them into a lot of stress, but the implications of foreclosures would put entire communities in jeopardy and adversely affect the economy of an entire nation.

The crisis on foreclosures became the catalyst for the global financial crisis. No substantial program has been established yet as debates rages on as to what approach would be effective in dealing with foreclosures.