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A recent report at Reuters.com continues to be pretty dishartening. HOME PRICES KEEP FALLING!. When with it end?
“the housing market appears to have stabilized at new lows”.-David M. Blitzer, Reuters.com-
The Problem
To me and many people accross the nation, our homes are our biggest asset and to watch the value keep falling, knowing that sooner or later we will owe more on our mortgage than our house is worth, is a scary thought. To many people the thought is already a reality. What can we do?
At this time, nothing. Why? According to housingwatch.com if your not looking to sell, the value of your house doesn’t matter. In 10 to 20 years, your mortgage will be paid off and your house may be worth a couple hundred thousand dollars.
I say maybe in 5 or 10 years your home might have gained enough value back and you’ve paid your mortgage down enough to where you can sell it and make a profit.
“the problem right now is the potential shadow inventory of foreclosures. With a flood of foreclosures, which typically sell at steep discounts, in the pipeline, home prices will likely remain depressed for some time.”
Cary Leahey, economist at Decision Economics in New York
This downturn in the market is only a problem if you need to sell right now for reasons such as you’ve found a new job in a new city or you’ve recently been laid off or maybe you’ve had a baby and need more room.
In Conclusion
What ever the reason, if you’re not moving, stop worring. If you want to move, think about ways to improve your home through remodeling in order to make your property more appealing to prospective buyers.
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