A battered U.S. housing sector
U.S. homeowners used to be able to count on their house as a pillar of their financial affairs. Those days are gone
The starting bid price is seen behind auctioneer Mike Carr during the Fannie Mae foreclosed home auction at the Miami Beach Convention Center in Miami Beach, Fla. Fannie Mae is holding private and public community homebuyer auctions and has contracted with Real Estate Disposition, LLC and New Vista to manage the auctions. Fannie Mae's first community auction took place in Phoenix, Ariz. and auctioned 85 properties and generated $2.95-million.Joe Raedle/Getty Images
Dianne Mills shows her number to bid on a home as she attends the Fannie Mae foreclosed home auction at the Miami Beach Convention Center in Miami Beach, Fla.Joe Raedle/Getty Images
A person takes notes on the pamphlet listing the homes that are being auctioned off by Fannie Mae during the foreclosed home auction at the Miami Beach Convention Center in Miami Beach, Fla.Joe Raedle/Getty Images
A worker with Johnson and Daly Moving and Storage moves a piece of furniture into a truck while moving a family in Tiburon, Calif. Since 2006, statistics show that homeownership is slowly declining, dropping to 66.9 per cent in the second quarter of this year. It is estimated that with a continued decline, home ownership could drop to 62 per cent by 2012.Justin Sullivan/Getty Images
A "bank foreclosure sale" sign is posted in front of townhomes in Los Angeles, Calif. U.S. banks repossessed homes at a near-record pace to drive up July foreclosures.Kevork Djansezian/Getty Images
A new home development in Miami, Fla.Joe Skipper / Reuters/Reuters