Why Americans Shouldn't Worry About Another Housing Crisis Anytime Soon

FlordiaRealtors.org news gives it's top reasons why a housing crash isn't likely anytime soon.

"The 2006-2007 housing bubble happened almost a decade ago. Should Americans be worried that history could repeat itself? After all, home prices have risen above the bubble era in most areas of the country.

However, the bubble's pain still stings, and many Americans worry that it could happen again. But housing experts say there are many reasons Americans shouldn't be concerned about "Housing Crisis Part II" anytime soon, including:

1. Foreclosures have fallen dramatically. Despite the uptick in bank repossessions, the number of loans in foreclosures is 2.1 percent. That marks the lowest level since 2007, according to the Mortgage Bankers Association.

2. First-time buyer programs are bringing new clients into the market. In addition to new downpayment programs, the Federal Housing Administration moved this year to reduce its annual mortgage insurance premiums by up to $900 per year. That move alone has been predicted to help jump-start home sales by the most since 2006. What's more, it could lure 140,000 new buyers to the market, according to the National Association of Realtors®.

3. The economy is strengthening. Over the past five years, the U.S. has added jobs at a steady rate, now replacing many of the jobs lost during the recession. Also, the quality of jobs is improving as the economy strengthens."

To read more on this article click here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=330721

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