Fledgling Economy Still Leaving Homeowners Struggling

2007 Marked the start of home prices falling at record rates. Even though mainstream news would have you to believe that the market has fully recovered, people are still struggling today.

Throughout the U.S. there are numerous areas that have a strong economy, an excess of jobs, and a housing market that has fully recovered. Recent reports show that this is not the case in all areas.

Traditionally poor areas continue to struggle, but the recent 4th quarter housing market report shows that even larger areas, including parts of New Jersey are seeing 5% value decreases in their home prices.

photo 401K 2012/2013 via Flickr

Homeowners who continue to struggle to make their minimum payments are trapped in homes which are valued high enough to sell. While this certainly isn’t the case everywhere, home foreclosure rates in states like Delaware are report as being 1 in every 570 homes receiving a foreclosure filing.

Mainstream media has stopped covering this ongoing house crisis and as a result, programs to help homeowners fight of foreclosure are not as readily available when compared to the height of the housing market crash.

Unemployment rates and foreclosure go hand in hand, leaving many families in need of relocating but unable to sell their home to do so. This leaves many families wondering what to do if their house is in foreclosure and they are unable to find work.

Property investors, often referred to as cash home buyers are stepping up in many cases, offering to buy homes to hold for future gains while helping homeowners avoid foreclosure. According to NOLO typically a person is unable to buy a new how for 1-3 years after a foreclosure, possibly longer depending upon their credit health. Unloading a property to an investor can allow families to transition to a smaller, more affordable home, many times in a new area with a better job market.

Even in 2017, families are struggling to keep a roof over their families’ heads. Mainstream media may have forgotten about them, but we are asking you to keep them in mind. If you are a family struggling, there is help out there, so don’t give up.

Author: Clarissa Claouette

photo Alina Ku-Ku via Shutterstock