January Housing Market Data – Ouch!!!
The housing market is sinking deeper as the recession takes its toll with home prices falling yet another 26%. Yet homes are still not selling and are even being foreclosed as we speak, with owners failing to make their payments due to lack of funds. The flailing job market ain’t helping either, adding to the burden of lacking mortgage payments people cannot make for they need the cash for more urgent needs. Even the promised homeowner bailout package seems to be ineffective as they start to trickle into the hand of ailing homeowners.
Lenders are settling to unload their overstock of homes for lower prices of else face collapse themselves. Homeowners who fail to make at least one payment on overdue mortgage payments risk foreclosure, even as their homeowner assistance checks get sent to them. It seems the troubled waters of the housing market may remain turbulent for some more time, well till it ends which is forecast till the end of the year, hopefully!