This Article is About
housing market
financial collapse
real estate bubble
payday loan
recession
aftermath
credit cards
banks
loans
economy
mortgage
real estate market
jobs
Housing Market Is Picking Up
Join 1000's of Authors at StreetArticles Today!

Housing Market is Picking Up

After the financial collapse of 2008 much of the real estate that people owned or had a mortgage on was devalued greatly. Many families found that the payments still left on their house were more than it was worth. The real estate bubble hit many families hard. Those who decided to foreclose on their properties had to move on to less expensive homes or renting. However, others had to resort to maxing credit cards and using payday loan debt to solve their housing problems. Finally, four years after the real estate bubble burst, some of the homes are finally climbing back up in value.

Those Who Left There Home

Many people who found that their homes were “under water” foreclosed on the home for the bank to pick up the pieces while they thought they could find something cheaper. The banks who were in the business of lending homeowners money restricted their loans greatly in the aftermath of the recession. This made it quite difficult for people who left their homes after the collapse and wanted to tighten their belt and find something smaller.

Many of these people had to rent homes or apartments in order to live because the banks would not offer loans in the same way they used to. While this situation was not ideal, many of the people who did this were spared from the terrible payday loan trap.

Paying By Any Means Necessary

Other families who decided to keep their homes and pay off their debt found themselves in trouble when the economy continued to get worse. Many families lost their jobs and they had to resort to other means in order to pay for their homes. Not wanting to give up their property, many families decided to “tough it out” even when the money was very difficult to pay or were forced into loan modifications.

Thankfully, the real estate market has changed for the better this year. Homes in California and Nevada are still not valued at the prices they used to be, but they are increasing in value, which makes it easier for American families.

The hardworking American families who tried to stay in their homes were often faced with tremendous hardships. The payday loan trap ensnared many people who lost their jobs and ended up with a large amount of payday loan debts as a way of keeping their homes. Hopefully, all that pain will come to an end as the real estate markets recover.


Street Talk

This subject is a pet peeve of mine. Home prices in Florida are still depressed. The only homes selling are reos. The banks let out a few once in awhile. There aren't many real estate for sale signs either. I don't even see those hand written signs the tampa real estate sharks put out. The banks can only lend as much as the current market value. There are just too many homeowners under water. Even homeowners who own their homes free and clear don't want to take a huge equity loss. I think there is quite a bit of owner financing going on now. Foreign investors are gobbling up some of these good deals. There are a lot of homeowners that have just given up selling their homes. Interest rates are at an all time low. I can foresee One percent APR soon. People will still not be able to buy even at zero percent. This should spark residential building but it's not happening here. There is some going on in Texas. I'm kind of surprised home prices are up in Nevada. The media around here says Nevada is in the worst shape in the country as far as foreclosures go. If you mean home sales are up well i guess you're right. The prices have dropped so low investors can pick them up for cash at 50 cents on the dollar. I think 3 bedroom rouses in depressed areas in Detroit can still be bought for 5,000 and even less. Banks were selling package deals for less unit cost than that. Problem is there is no one to rent to. Everyone has left the area. Well. maybe it will get better soon. I'm not holding my breath.

Reply
  about 7 years ago

Nice work David, how are these doing for traffic? I have been pinning them, I am curious how the targeted writing is working.

Reply
  about 7 years ago

Its working extremely well. I haven't been able to do much in the way of tracking but my inquiries have been steadily increasing since I have been putting up the Street Articles. I couldn't be happier.

Reply
  about 7 years ago

let us hope all is well for all of us soon. Happy 4TH

Reply
  about 7 years ago

I 2nd that Jesse! Good to see you

Reply
  about 7 years ago
Joan S  

The northeast has suffered in the housing downturn. It's upsetting. I'm glad to hear the good news from you David. Is that true for New England? Do you think values will ever return to what they were before the bubble? We were very hurt.

Reply
  about 7 years ago

Most assuredly things will turn around when the economy starts coming back and people start making and saving more money. New England will always be a great place to live and since people retire or get tired of living in a major metropolis it makes New England a spot to invest or live in especially Newport ;)

Reply
  about 7 years ago
Joan S  

Newport is beautiful. I'm in Connecticut. Nice here too.

  
  about 7 years ago

I used to live in Lebanon, CT and Hartford for a little while. And my brother was stationed in Groton. CT is beautiful.

  
  about 7 years ago
You May Also Like
Housing Market Of Las Vegas
If you have had your eye on the news, in the past 2 years then you have heard about the failing housing market of Las Vegas. This troubling news may not be as bad as you think, in the words of my Criminal Justice teacher,"Statistics especially those generated by the…
By: PrinceStringer  in  Real Estate   May 12, 2012  
0
  Likes: 0

Housing Market Slow Recovery
This is Unbelievable! I recently read some information about the housing market that was very disturbing to say the least. An article written in USA Today written by Julie Schmit recently regarding the time it would take in different states for the housing market to reach any kind of recovery…
By: April Colon in  Real Estate  >  Foreclosures   Nov 15, 2011  
0
  Likes: 1

Does Everyone Fail at Mlm?
We often read that MLM is a dead-end street leading to financial collapse and complete failure. But that may be an over simplification of the situation. It is true that some bad things can happen to MLM marketers. I’m talking about group failures. Here are some examples: 1. The program…
By: John T Jones, Ph.D. in  Home Based Business  >  Network Marketing   Mar 14, 2013  
2
  Likes: 3

Super Committee Deadline Will Pass Uselessly Its Going To Be Every Man For Himself!
The super committee deadline will come and go and it will feel like nothing more spectacular than a passing breeze that comes, rustles the leaves a bit and then moves on unnoticed. The clowns in Washington not being able to even sit at the same table, let alone agree on…
By: Octavien in  News and Society  >  Pure Opinion   Nov 24, 2011  
0
  Likes: 0

Homeowner Mortgage Protection Laws
As many people know, California was at the forefront of the devastation that the real estate bubble caused. Many people lost their homes and jobs, which threw the entire Californian economy into turmoil. For many of these people, a great victory was won today by California lawmakers. Homeowners now have…
By:  in  Finance  >  Debt Management   Jul 08, 2012  
6
  Likes: 6

Eliminating Payday Loan Debt - People Targeted for Scam
The documentation that businesses and databases maintain in the modern era is something that many people fear. Many of the things that every person does on a regular basis are documented and used in order to sell products or services. Sometimes the data is even used in order to scam…
By:  in  Finance  >  Debt Management   Jul 18, 2012  
8
  Likes: 7

Debt Consolidation Loan Strategy
Are you one of many Australians who have reached the end of the year to find that your credit card debts are spiraling out of control and you are struggling to meet the minimum monthly payments required by the credit providers? This situation can be attributed to the fact that…
By: Singh in  Finance  >  Debt Consolidation   Feb 06, 2016  
0
  Likes: 0

Reduce Paperwork And Manual Entry With Debt Management And Collections System
The management of debt is a thorn in the side of any business. Unless appropriate measures are taken, debt management can easily outstrip the actual debt in terms of cost. This is why systems for debt management and collections are so critical to businesses that transact in debt, and this…
By: billing tree in  Finance  >  Debt Consolidation   Dec 25, 2013  
0
  Likes: 0

Debt Consolidation: Is it the Solution to Paying Off Debts?
Handling debt is always challenging for several people. So when there are ads that express that you could be debt-free and get lower monthly bills, the first thing that comes to your thoughts is that this may be the solution to getting out of debt. It seems that it's a…
By: Jay20 in  Finance  >  Debt Consolidation   Jul 01, 2015  
0
  Likes: 0

Relief from Debt with a Consumer Proposal
Debt can hamper your future and prevent you from achieving your dreams. Everyone passes through a rough time financially, whether because of businesses failing or paying for the hospitalization of a loved one. There are a few ways you can make the payment terms of your debt favorable, you can…
By: Imee Candyline in  Finance  >  Debt Consolidation   Jan 08, 2014  
0
  Likes: 0

How Accounts Receivable Management Debt Collection Software Tools Can Help
An effective program can enable the company to realize quicker and earlier collections of any outstanding payment through responsive execution of the software. The AR management software provides speedy evaluation to identify the best effective strategy for collecting the debt, using the lowest cost method available. The AR department’s negative…
By: billing tree in  Finance  >  Debt Consolidation   Dec 02, 2013  
0
  Likes: 0

Tax Debt In Dallas Tx: Never Be Without An Attorney
The IRS does not make tax reporting easy, particularly if you own a business, or have multiple incomes. Keeping detailed and accurate records is time consuming and complex, and you can end up owing money, no matter how hard you work to prepare. You can deal with tax debt in…
By: Dennis Colon in  Finance  >  Debt Consolidation   Aug 04, 2015  
0
  Likes: 0

Things To Consider For Debt Consolidation Loan
Credit cards are widely used by most people in our society. It has become a common habit which has put many people in difficult situations as well. The sad part is that people do not carry cash with them as for they consider credit cards their useful assert. People use…
By: Andrew Jhon in  Finance  >  Debt Consolidation   Dec 03, 2013  
0
  Likes: 0

How to Avoid Defaulting on Student Loan Payments
Colleges in the United States now have to pay penalties for extreme student loan default cases. This is in reference to an article published by the ‘New York Times’ in July of 2014. According to the new regulation, colleges that have default rates of 30% or more in a year…
By: Nick Stanitz-Harper in  Finance  >  Debt Consolidation   Aug 26, 2014  
0
  Likes: 0

Consolidating Debt How To Actually Go About It?
How To Consolidate Debt To consolidate debt can be a great option for those who are working their way out of debt. The goal of this type of consolidation is to put all payments under one name or under one account so that individuals will only have to pay one…
By: Renardj in  Finance  >  Debt Consolidation   Jun 23, 2012  
0
  Likes: 0

Article Views: 1755    Report this Article