Homeowners Have Simpler Time Paying Mortgages In Spite Of Lousy Market

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Americans are finding it simpler to keep paying the mortgage, even if the housing market is thought to be all however a leper colony. As employment begins to improve, the housing market will as well. Post resource – Paying mortgages getting easier, but housing still depressed by MoneyBlogNewz.

Less homes underwater

Daily Finance reports that a Harris Interactive Poll showed that fewer individuals believed homes are underwater compared to last year. There were 3,000 respondents, and twenty-one percent of them thought their homes were worth less than what was owed on it which was at 34 percent past year. Additionally, 22 percent of respondents in the Harris poll were struggling to make mortgage payments, compared to 29 percent past year. However, 3 percent fewer individuals in the poll said they had a mortgage. There are fewer individuals getting short term installment loans to cover a mortgage with a lower unemployment rate too.

Market full of homes

According to USA Today, analysts have been concerned with the number of distressed properties, which can keep costs down. In January, it was noted that there were 1.8 million distressed homes. Any of these homes hadn’t made payments for more than 90 days. Many investors and bargain hunters are more willing to purchase distressed homes as the price is typically 20 percent lower. Unfortunately, a large supply keeps home prices lower nationally. Reuters reports that in the next few months, foreclosures will likely go up as well since the moratorium on foreclosures will end soon. Many of the nation’s largest mortgage loan companies, including Bank of America and Wells Fargo, had to suspend foreclosures as questionable foreclosure practices at those institutions were being investigated by the government.

Purchasing a cheap home

More than likely, the market will continue as a buyer’s market. Home prices are predicted to keep falling for at least the next few months, according to MSNBC. The record low rates for home loans were just hit and are starting to come back out. More than likely, it would be good for you to get your home now in a low rate. The climate has been making lenders worried about who to lend to.

Information from

Daily Finance


USA Today






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