After the recent press conference given by President Obama, it is clear our economy is in trouble. According to him, and a majority of world-renowned economists, the United State's economy has not been in as poor condition since the Great Depression. Although there are numerous reasons our economy has downgraded to this dangerous level, one of the root causes of this problem lies heavily in the real estate sector. More specifically, the amount of foreclosures and the huge decrease in property value are large culprits.
Many Americans have struggled to make their mortgage payments each month, in which some of the struggle can be contributed to high price of a house that should not have been approved to be purchased in the first place. The vicious cycle that existed between consumer, banker and government was a very tricky and dysfunctional relationship. For the most part, all three parties believed they were doing the right thing.
Refinancing is desperately needed for those individuals who are still hanging on to their properties. There is hope for those who are still hoping to hang on to their beloved homes. Some states were more fortunate than others in the foreclosure crisis, even though all-in-all, the situation is dreary.
In accordance with Texas housing, this is a quote written by US Senator, John Corwyn.
“The housing crunch has taken its toll in Texas. In 2008, Texas was listed as one of the top ten states in foreclosure totals. Meritage, one of the nation's biggest homebuilders with more than 65 percent of its communities located in Texas, reported that its fourth-quarter orders in Texas fell 61 percent. Experts claim that a decrease in prices in some of Texas' top industries like oil and natural gas is having a negative impact on the state's housing market.”
He goes on saying we need a plan that will provide relief to the housing market in Texas. It allows for hardworking Texans to keep a larger portion of their spending money.
There are a million twists and turns within this plan, making it nearly impossible for everyone to come to a consensus. However, on a smaller scale, there are ways to provide a little leeway for Texans who are in need of refinancing their homes.
If you are trying to purchase a home, or refinance one during this time, the process can seem rather daunting. Fortunately, there are places that can help ease your fears.
