Will the Housing Market Ever Be the Same?

March 20, 2012 / Russell Legato, Residential Property Analyst

Your humble abode, your castle, your dream home, your house behind a white picket fence; there are many terms for that now elusive American dream. There are houses by the dozens sitting empty after foreclosure. Many families cannot afford the white picket fence much less the house behind it.

Will the Housing Market Ever Be the Same?

The year 2008 brought a radical change in the hopes of all those Americans. Those who were fortunate still own their homes. However, for many it was a case of leaving the dream behind and renting somewhere. Foreclosure is, to them, a word that brought disastrous events into their lives.

A job and a house are now luxuries and credit cards the road to hell. Many realtors are now transferred into positions as apartment managers. Those folks who lost their homes are now renting apartments. It seems everyone is facing the higher cost of – everything.

Those who find their houses are worth less than what the mortgage balance is are somewhat stunned.

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