Something is way better than nothing, but mad homeowners are definitely not outta the woods. The home equity market is showing signs of a little recovery from what was the worst subprime catastrophe ever. The reason being, banks are getting a few of those foreclosures back on the market.
That doesn’t necessarily mean that it’s the perfect time to buy a home, it just means a few people are taking advantage of someone’s loss. The dark days are still apparent in states like Nevada, Arizona, and California, where in some neighborhoods about 80% of homeowners owe more than their property’s value.
Who really knows when it’ll be safe to buy a home for middle-income Americans again. An even more specific question is where will it be safe? For the time being, the leasing market is the best option for a tight budgeted American economy.