Housing Market in Delicate State
The news has been increasingly unanimous lately on foreclosure triggers. Loan modification programs are struggling to keep people in their homes. Unemployment is causing other, once-solvent homeowners to fall behind with their payments. Even auxiliary components, like ACORN, are imploding into themselves with disorder.
By and large, loan modification efforts are not translating into sustainable, affordable home loans for those who are at risk of foreclosure. Blame seemingly cascades back and forth between unwilling banks and unsalvageable homeowners, while the state and federal governments attempt to bridge the two sides.
Effects in areas of high unemployment are gaining momentum. Many rural towns, especially, are simply isolated from quick solutions, like new business moving into town to hire or workers or non-profit agencies that assist those in danger of foreclosure.
While ACORN has been on the receiving end of jokes for the past year, other agencies have remained in the trenches, slugging it out for troubled homeowners. Meanwhile, other third-party hucksters have surfaced in the form of refinancing scams, creating situations where people not only are not receiving help, they are also being pick pocketed very, very slowly by white-collared criminals.
One of this summer's nagging questions has been, "Has housing hit bottom?"
Certainly, a lot of homes changed hands this summer, but then again, there were a lot of homes available at lower than usual prices, made even more affordable by low interest rates. And to top it off, August came in lighter than expected, and the $8,000 tax credit is for all intents and purposes off the table by now.
Home prices should remain low, and properties available via foreclosure are likely to increase in the coming months.
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