Due to high unemployment rate and shaky consumer attitude, real estate market is coming across slow home sales in the condition of what is usually the busiest home buying season of the year. Home sales should improve by the summer end, however the median U.S. home value is predicted to fall 7.1 percent in 2011, the biggest reduce from this year.
The U.S. is on the edge of another decay in real estate market.
Especially hard hit regions in the U.S. including Nevada, California, Arizona, Florida, Michigan and other states have came across an increasing register of vacant housing units that are not yet foreclosed, and have been left for lenders? to officially get back.
Areas in the Southern states of the country, such as Mississippi, Alabama and Georgia that weren?t as roughly influenced by the foreclosure crisis are coming across more housing units enter the foreclosure process. In addition, markets in the North-East are meeting more poor markets concerning sales prices.
One of the real estate study supplier to the mortgage industry points out that 30 percent of loan mortgages are in negative equity. Some 35 percent of upside down mortgages have Loan-To-Value proportions of over 150 percent.
Increasing unemployment rate reached 9.2 percent and with much higher joblessness in many areas leaves industry conditions vulnerable in many sectors, companies hording cash and denying to engage workers.
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Source: http://mortgageticket.com/real-estate-market/us-real-estate-market-suffers-from-crisis.html
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