Have Prices Reached the Bottom in Housing?
September 15, 2008
Part of our daily life at Loan Mitigation Advocatessm is to bring you relevant stories about the current real estate market, loan modification news and the mortgage industry. After scanning a number of the national financial news websites, we discovered an interesting article from CNBC on Why Housing Prices Have Hit the Bottom. The article talks specifically about the well-known Prof. Karl Case of the S&P/Case-Shiller Index of home prices.
Prof. Case has made the claim that his index points to the bottom in terms of prices. The index measures prices in the top ten and top twenty U.S. markets as well as a new national index. In the article, Case makes the point that nine, of the top twenty markets, have been steadily improving over the last few months. Another factor is that affordability, that is the relationship between income and home price, is approaching a level that we’ve seen before at the end of other housing recessions.
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
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