Military Families Taking Real Estate Hits

The plunging real estate market is hurting all property owners, but arguably none more so than those involved in the military. Reports indicate military member-owned homes are dropping in price faster than the national average.

From RealtyBizNews:

Many military families are forced to accept losing money on their real estate investments. Courtesy of Googleblog

However, the Department of Defense and Congress says it is trying to assist military families caught in this situation. As of 2009, military personnel who are ordered to move can receive help from a mortgage assistance program. But the only problem with this is that the program has been overwhelmed with requests for help, and is expected to post a budget deficit of $400 million at the end of 2011.

Even worse, not all military members are eligible. Currently, the program is only available to those who bought their homes pre-June 2006 and were ordered to relocate during the period between 2006 and 2010, meaning many servicemen are literally forced to accept a huge financial loss.

Photo: ggarcia101 via Photobucket