The Housing Market is Showing Signs of Life -has the Economic Recovery begun?

The Housing Market is Showing Signs of Life -has the Economic Recovery begun

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Recent economic factors are indicating that the housing market is finally starting to recover. With this being said, it seems that the home prices in Virginia Beach and surrounding areas are holding steady at rock bottom and have nowhere to go but back up. With home prices this low, many economists are wondering why the economy is not going crazy with home purchases, but there are many other factors that come into play.

One such factor is that of the credit and mortgage markets. With all of the reform that has been happening in the last several years, the ability to get a home loan has become extremely difficult. This means that less people are able to qualify for home loans, which is the biggest reason why these incredibly cheap homes are not selling like hot cakes. While the economy is showing signs that recovery has begun, it will never get back to how it was unless home loans are easier to obtain by home buyers. Without these homes being purchased, they are toxic assets that are sitting on the books of big banks that need to unload them.

Investors are loving the current market as they are able to buy foreclosure properties left and right, but mainstream Americans need to be able to purchase these homes in order for America to fully recover economically. While the housing market is picking up in some areas of the country, there are still areas that are going down such as Las Vegas and Detroit. These areas need some type of government intervention to keep the home prices from sliding more than they already have. Home owners are taking the brunt of this bad housing market as they have lost thousands of dollars and are upside down in their houses due to situations completely out of their control. For people in these kinds of situations, there are loan modification processes that can be taken in order to lower your mortgage payment, but they are extremely complex and many buyers end up foreclosing due to bad service with this modification loans. The situation is not perfect, and until these things can get more streamlined and easier, the road to economic recovery will be an extremely slow one.

As you can see, the housing market is showing some signs of life, but it has not quite awakened from the coma that it has been in the past few years. With easier lending practices and better modification processes, the housing market can wake back up and really start to help this country get back on its feet.

For additional information on the market conditions in Virginia Beach and surrounding area - log on to http://www.HRRealtyPros.com

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