Recession or Recovery?
Record high foreclosure rates, mortgage rates inching up and a surplus of distressed properties are just some of the factors that will delay a recovery in the housing sector until 2014, experts say. As mortgage rates start to rise, demand for housing will soften and home national home prices are likely to decline another 5-7% in 2011. Making matters worse, however, is the fact that in the next 12 to 15 months, another $300 billion in adjustable rate loans will reset, which will invariably lead to more foreclosures. This glut in housing inventory will undoubtedly drag down the housing market for years to come.
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