The Current State of the Housing Market

To say the current state of the housing market is a mess is an understatement. Driving up the streets of my own neighborhood, I can see the impact the housing market has had on borrowers in the U.S. Foreclosures on homes continue to rise, even while banks try to work with borrowers on maintaining their homes.

When my husband and I purchased our home a little over a year and a half ago, the market was just starting its downward turn. Our home was purchased for $211,000 in May of 2007, and as of January 2009, it has depreciated in value by over $60,000. With the downward spiral of the value of our home, we are completely unable to refinance for a lower interest rate, or to consider dropping the PMI insurance from our loan. It is a frightening trend which can be seen all over the United States.

The good news regarding the housing market is that it seems to be losing steam on its downhill slide. Homes don't seem to be depreciating as quickly as they did in the second half of 2008. If we can all just hold on a little while longer, we can weather the storm of the housing market crisis, and come through stronger than before.For more infomation visit swift capital.