According to an article in the Dallas Morning news, the foreclosure crisis is pushing home values down so far that they are comparable to the Dallas-Fort Worth home values in the 1990’s.
The article said:
“Harvard researchers said that the U.S. housing business is in its worst slowdown since the 1940s… Dallas-Fort Worth is among many markets where home prices are now back to 1990s levels in real terms. Since 2005, nationwide median home prices have dropped almost 30 percent when adjusted for inflation.”
Homeowners facing foreclosure are the hardest hit by this decline in home values and prices. Many homeowners facing foreclosure are hoping to avoid foreclosure by selling; but are often unable to sell their home for their purchase price, let alone expect to make a profit. This has the unwelcome affect of pushing these would be sellers into foreclosure or encouraging them to simply walk away from their inflated mortgaged and devalued home.
For many homeowners who were the victims of toxic subprime mortgages, foreclosure may seem imminent especially with the devaluation of their property. But they may have a chance to save their home using bankruptcy, especially if they have income. If you’re a homeowner facing foreclosure, please contact a Dallas- Fort Worth bankruptcy attorney to find out how bankruptcy can help you avoid foreclosure and save your home.