Home Prices Won’t Hit Old Highs Again
Once nearly in the stratosphere in many areas of the U.S., home prices won’t hit their old highs again, according to a just released opinion poll.
Home prices won’t hit the stratospheric highs they did during the real estate boom again, according to a just released opinion poll. There’s too much going against them, including financial reform with Dodd-Frank in Congress, new banking guidelines and red-tape to allow that to happen, respondents to the survey figured.
The Housing Predictor survey is disappointing news for more than one in four Americans who are upside down in their homes. It also shows there’s little homeowners can do other than pay their mortgage, refinance a current mortgage if they can, try and negotiate with their lender for a mortgage modification or walk away from their home.
Major lenders halted foreclosures in 23 states as a result of state attorney generals investigating the forging of legal paperwork on homes in states that require judicial approval before foreclosures are finalized. Lenders have modified slightly more than 4-million residential mortgages in the U.S., but more than 7 million have been foreclosed since the foreclosure crisis started.
Housing Predictor tracks more than 230 local housing markets in all 50 U.S. states, forecasts markets across the country and keeps visitors up to date on real estate news and mortgage rates.
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