In another sign that the housing market is instable, homeowners late on their mortgage or in foreclosure is on the rise. Unfortunately, until the economy improves, employment returns, and prices stabalize, the housing market will continue to be under stress.
Banks cite high unemployment as a major factor in their inability to modify mortgages. That makes sense, if you don't have the income, how can you pay a mortgage?
Please remember that most economist project on a national level. Real estate is regional and local. Unfortunately, this news is not good news for us. Nationally the real estate numbers are better than what regionally and locally our real estate numbers are. For example, Arizona leads with Nevada, California and Florida for most foreclosures and price declines. So when researching your real estate news make sure your facts and figures are local and not based off national projections.
Click here to read full article: http://www.reuters.com/article/idUSN1923337220100519?type=marketsNews