According to a report from Bloomberg and Zillow.com, an internet provider of home valuations, 1/3rd of all homes purchased in the last 5 years are now "upside" down interms of their mortgage amount against their current value. Home prices continue to fall across the Country as the housing crisis is showing little signs of recovery. Many are now projecting that the housing slow down will not see a meaningful correction until sometime late in 2009 and possibly as far our as 2010 as more and more inventory is being placed on the market due to rising foreclosures from both home homeowners and builders. Interest rates have not helped this situation as mortgage rates have remained relatively steady for the past year despite massive interest rate cuts by the Federal Reserve. The other contribu...
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