Housing Crisis Reminds of the 1990s
According to Innman news:
It’s beginning to look a lot like the early 1990s for the housing market, officials for the National Association of Home Builders trade group said during a “Credit Crunch” presentation Tuesday.
“The housing market is down, it’s hurting, and it doesn’t look like it’s going to bounce back as quickly as we’d hoped,” said Jerry Howard, CEO for the builders’ group. The focus of the presentation was on problems in the mortgage market and the impacts on the overall real estate market and economy.
With home builders, lenders, and banks seeing red across the nation, many worry that a backlash from Wall Street could proceed to hurt Utah, one of the few states still relatively untouched by the collapse of the national housing market. Should the economy suffer on the national level, Utah could see a lending crunch soon that would limit the ability of buyers to afford homes, and perhaps even drive home prices down. Loans would become quite difficult to obtain as a result. Some homeowners in the state are finding it prudent to obtain a Utah home equity loan as a means to protect themselves from future rumbles in the market, as well as pay down their home loans now.
One thing remains clear, preparation now can be a lifesaver for the future.
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