Home prices have been on a steady decline since the housing market crashed in 2006. Since that time current home owners have seen their home prices decline almost 8 percent since January 2008. People hit the hardest seem to be the same home owners who saw their property values rise to insurmountable amounts only to see the market fall off.
So what is driving the market to reach all time lows?
Foreclosures are a huge reason the market is declining so fast. Since 2006 the foreclosure rate in the United Stated has increased so significantly that nearly 800,000 houses are facing foreclosure. Rather than see some of the big mortgage companies go into bankruptcy many government officials feel that the new housing bill will help alleviate some of the pain.
California seems to have been hit the hardest with declines of almost 20 to 40 percent since 2000. When the market bloomed many homeowners in the California region took advantage of this. Many of those homes are now in foreclosure because of the reduction in property value and the high mortgage payments people were paying.
Tight lending practices are now being implemented all throughout the United States. Sure now that there is a crisis, now the banks are concerned about your well being. I would not go as far to say they are concerned but that they do not want to be bailed out of bankruptcy like Fannie Mae and Freddie Mac have been.
So is there a pot of gold at the end of this black rainbow?
Yes there is. For those people who did not refinance their properties now could be a great time to buy a property. Although many states saw a huge increase in foreclosures coupled with declining home prices the same states saw an increase in sales.
If you are in the Real Estate business and are looking for great deals then you do not have to look far. People that are excellent deal hunters are now entering the housing market taking advantage of the price decrease.
With a reduced demand for housing coupled with the fact that there are so many homes available on the housing market, this would be a great opportunity to find a great deal. If you are looking when to refinance a mortgage or if you are searching for the best home refinance then go to http://www.lowmortgageraterefinance.us for all your mortgage needs.