No Housing Recovery In Sight

June 9, 2011 by  
Filed under No Housing Recovery In Sight

No Housing Recovery In Sight

The latest data shows that almost 6.5 million loans across the US are delinquent or in foreclosure.  What’s even more disturbing is the fact that of the more then 2 million home sin foreclosure, 30 percent of the homeowners haven’t made a single payment in two years.  Apparently, the banks feel that the best way to deal with missed payments is to ignore them completely.  Unexplainable?  Yep.

The housing crisis is a banking crisis.  And this is why the housing market can’t seem to make a turn around.  Banks are protecting their interests by keeping the housing prices inflated.  And since there isn’t a demand for inflated housing prices, the banks are seemingly ignoring the problem.  But how will they clean up their mess once they actually confront it?

Even though the housing market is upside down and people are actually earning lower wages these days, the prices of houses hasn’t decreased far enough to meet local area the income.  It seems this might be a nice scenario though, right?  If houses drop just a tad more in price, a turn around could be just a road away.  Or a few roads…but a start is a start.

Housing Assist Coldwellbanker