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The economic recession has affected a wide array of different areas of the country and has in a sense, created financial turmoil. In no other place is this more prevalent than within the various housing markets around the country. Each state varies slightly from the others. However, one thing is common among all of them, high foreclosure rates and decreasing housing prices.
Through this occurrence, people who still own homes that they purchased before the recession are sitting on extremely upside down mortgages that make it particularly difficult to sell and end up in a positive financial situation. Additionally, many people agreed to adverse loan stipulations before the recession that have left them paying high interest rates and unaffordable mortgage payments that rose after the first three years of their term.
What all of this means for the real-estate market is that there are extremely difficult times ahead. While in fact some of the housing markets around the country see occasional peaks in sales, it is still a mere hollowed projection of what it once was.
The one up side to the crisis is that people who felt the first effects directly as the recession hit have had time to recover and rebuild their credit. Through this, many of these people are looking to get back into the market and take advantage of the low-interest rates and housing prices that are prevalent. Unfortunately, while a positive sign, this is not enough to give the boost the national real-estate market desperately needs.