A Housing Market Can Go From Scraping Bottom To Soaring Like Eagles. It wasn't long ago we were reading about how bad the Housing Market was doing in Arizona, California, and Nevada. These states along with a few others were hit hard 10 years ago when the Housing Bubble burst in 2006. Each of these States saw record declines in property values, and homeowners quickly found themselves deep underwater on their homes.
In these States we also saw an unprecedented number of "Strategic Defaults". Homeowners walking away from their homes because the values were far lower than the mortgage on the property.
Today, 10 years later the housing market is much different in these states. Sales and home prices are on the rise, and they once again are finding themselves headed towards a Sellers Market, or already there. While many of the states who were on the decline 10 years ago have or are on their way to recovery, others who were doing well 10 years ago like Connecticut are still trying to find their way back.
What we have seen in the last 10 years is a good example of how A Housing Market Can Go From Scraping Bottom To Soaring Like Eagles. Hopefully soon the rest of us will be experiencing this change as well, and welcome our country back into the economic recovery we all hope for.
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George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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