The price of a homes are projected to fall again, as major mortgage lenders have resumed foreclosure processing, and unemployment remains over 9 percent.
CNN money reported, that Fiserv, a financial analytics company, has stated that home prices are projected to fall an additional 3.6 percent by June of next year, pushing the average home price down 35 percent.
If Fiserv’s projections are correct, this will be a triple dip in home price since the housing sector went bust in 2006. Currently, home prices are reaching such lows that people are flocking to foreclosure attorneys to prevent eviction, others are just walking away from their mortgages.
Earlier in October, foreclosure filings reached another peak as banks proceeded with foreclosures after revamping their paperwork processing practices. Major mortgage lenders were guilty of wrongfully foreclosing on homes or using fraudulent paperwork to seize properties. The homeowners faced losing their homes or employing a foreclosure lawyer.
The first dip in home prices happened in 2009; right after the financial crisis and home values dropped 31 percent. The second dip last winter began once the bank’s unsavory practices were revealed, at that time home values dropped 33 percent. Now that the practices are resolved, foreclosure filings went up again for the first time in three quarters.
The housing market has a grim future and numerous experts anticipate the market will continue to suffer for years to come. And the number of homeowners needing the help of foreclosure attorneys will continue to rise.
