Job Market Still Holding Back Housing
The one factor that would certainly push up demand for homes is increased employment, but many analysts are now predicting that employment won’t revive significantly until 2011.
This doesn’t bode well for the immediate recovery of the housing market. “If you’re looking for a silver lining in housing, you aren’t going to find it here,” Mike Larson of Weiss Research said in a report.
“The overall economy is rolling over, consumer confidence is slumping, and, most importantly, we just aren’t creating jobs,” Larson added. “With so many Americans unemployed or underemployed, the housing market is going to keep hurting.”
Source: U.S. News & World Report, Luke Mullins (07/01/2010)
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Citi Bank: Mortgage break to unemployed.
The bank will lower mortgage payments for three months and waive fees for certain unemployed borrowers.
NEW YORK (CNNMoney.com) — Unemployed homeowners whose houses are financed by CitiMortgage may be eligible to have their mortgages temporarily reduced to $500 a month, the company announced Tuesday.
“We’re planning to help recently unemployed homeowners by giving them the ability to pay as little as $500 a month on their mortgage, which is effectively less than the price of an average one-bedroom rental nationally,” Sanjiv Das, CitiMortgage’s president and CEO, told CNN Radio. More Info
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