Wednesday, February 23, 2011
That One Upside To A Discouraging Housing Market.
If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.
But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price.
In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable prices. Homes that were selling for $400,000 are now selling for $225,000. No longer is homeownership in those areas only reserved for the higher income people. Today the “average Joe” can afford to own a nice home. So at least someone is benefitting from the housing crisis.
Where does that leave homeowners stuck with an upside down home? We will detail their options in our next post.