The current credit crunch has affected most people around the world. Market prices will slide further before it even recovers. This year has forced many to downsize their properties. Many are jobless due to the worst economic slump in nearly two decades.
Since many are jobless, loans are not usually a viable option to maintain house mortgages at the moment. This very problem will continue and will mean many more foreclosures which is definitely a bad sign for the economy.
Hopefully a stimulus package can bring the economy back to where we need it. My mortgage has definately felt the mortgage and credit crunch and i am currently in the middle of an equity release
. I am now paying up to double on just a small condo, although it is by the beach and will hold it's value when the market recovers, I have to hopefully refinance soon and bring down my mortgage payments. I think the future for real estate is good. The market will recover, every so often, the economy get's like this and we have to come up with better solutions to our everyday problems.
Article Source: the-Articles.com
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Author: stickystebee
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