"Uncertain job prospects, along with tight mortgage credit conditions, continue to hold back the demand for housing. Although low interest rates on conventional mortgages and the drop in home prices in recent years have greatly improved the affordability of housing, both residential sales and construction remain depressed. A persistent excess supply of vacant homes, largely stemming from foreclosures, is keeping downward pressure on prices and limiting the demand for new construction..."
That is the market in a nutshell. So the question is, what should you do?
Certainly, if you are in the market for a purchase, I think you should pursue it. Also, Obama is working on making refinaning easier for those who currently can't. Ultimately, the job and housing markets are so intertwined that as one goes, so goes the other. Look for an all out effort to improve the housing market.
0 comments:
Post a Comment