Today’s Housing Market

A downturn in the economy might seem like the best time to buy a home, though the current housing market is difficult to navigate for both buyers and sellers. The housing market has suffered at the hands of two key factors:

• A national credit crunch
• Downward-spiraling home prices

The national credit crunch has resulted in lenders and banks that are resistant to giving loans, making the process of buying a home much more complicated than it once was. However, the housing market may not be in as bad of shape as popular media make it out to be, because statistical overlooks may be the cause of some of the exaggerations.

Falling house prices certainly contribute to the current less-than-ideal state of the housing market, but this particularly applies to the prices of much more expensive homes. For example, MSN reports that homes previously valued at over $500,000 in California are now valued at about half that figure, causing a wider gap in the median housing price than would otherwise appear in less expensive homes.

So should you buy a home during a poor housing market? Studies warn that, though a buyer may find a good price on a home right now, he or she may also face a grueling buying process, high interest rate loans, and adjustable rate mortgage loans.

Contact Us

If you have already purchased a home and you are having a difficult time making mortgage payments, all hope is not lost. Contact the experienced Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., at 443-546-4608 today and find out what we can do to help you.