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Home Renters Beware: The Foreclosure Crisis Affects You as WellAugust 11, 2008
Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure? The vicious circle of declining home values and rising foreclosures.
July 11, 2008
Home values drop when foreclosures rise creating a vicious circle. Is there help in sight or a way to take advantage of a declining market? Home Selling Success: What You Need to Know
July 11, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? The Rise and Fall in Home Values -- Worrying Gains You Nothing
By Gabriel TraversoHome Worth Columnist
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Many homeowners are watching with dismay as home values in their area fall. Meanwhile, other cities are seeing an incremental rise in home values. According to some, the economy should improve in 2007. What does this mean for you?
Did the bubble burst? Did home values in Boston, MA drop 1.8% in the last quarter because prices were correcting themselves? Why have home values in the Seattle area risen by 13% in the past year?
Some economists say that the decline in prices will continue. However, a panel of economists surveyed by The Wall Street Journal expects things to change. Last year the Fed was attempting to fight inflation, but in 2007 the Fed is expected to focus on stimulating growth in the economy. Economists expect short-term interest rates to be lowered to 4.75% by the end of the year, down from today's 5.25%.
Don't Sit Idly By
If you are one of many nervous homeowners concerned about how much your house is worth, don't sit on your hands waiting for the market to turn. Remember that the economy is constantly going to change--sometimes for the better, sometimes for worse--but sitting around worrying won't get you anywhere.Possible Home Improvements
For those with older homes, focus on improvements to the kitchen and bathrooms that will update the home. Improvements to the energy efficiency of the home can also boost how much your house is worth. If your home is newer, think about improvements that will boost curb appeal. Landscaping can do a great deal for raising the perceived value of your home. If all of your neighbors have tile floors in the kitchen and premium countertops, perhaps you should consider making those improvements, too.Whatever your worries about how much your home is worth, do not waste your time worrying about the fluctuations in home value and the economy. Values will always go up and down. Focus on action you can take to improve how much your house is worth.
Sources
CNNMoney: Major Home Market Slump Continues
The Wall Street Journal: Economy to Rebound
About the Author
Gabriel Traverso is a freelance writer, independent musician and artist. He resides in Reno, Nevada.