Getting out of Foreclosure Trouble on the Ilyce Glink Show June 5, 2011:
Housing prices are back, nationally, to where they were in 2002. Basically this means that a full nine years of home equity has been wiped out. With the latest housing data in mind, people continually ask me if I think the bubble is finally done bursting. I fear not.
Especially since the average unemployed American worker now requires a full year to find another job. So basically, the housing market continues to weather a perfect storm. If you’re out of work, and wondering how you’re going to pay the mortgage, you’re also worrying about foreclosure. If you are employed, but wish to sell your home for whatever reason, finding a buyer very difficult, and in addition, you may be severely underwater. The dwindling minority who wishes to enter the real estate market may find securing a loan a trying task, even with a 20 percent down payment.
The number one reason people are getting into foreclosure trouble is because of unemployment.
So what’s the answer? My callers on this week’s show had plenty of questions and comments around the issue of foreclosure trouble.