The new home market in Michigan has been on a steady decline in Michigan for most this year. There has been much conversation about the housing bubble bursting in general and Michigan has been no different in that regard. This is a bad thing for many who may have pushed the envelope with 2nd mortgage loans to a level that their homes are now not worth what they owe.
It has been predicted for months prior to this that the bubble could burst at any time and that people were financing too much of their homes value in the hopes of generating some extra cash or paying off large debts that had accumulated. Done wisely this can be a great thing for the home owner but not done wisely, well lets hope you don't need to sell your home in the near future.
It has become a heavy buyers market for the near future it appears and while this last month new home sales has been on a slight increase, the housing market is still much slower than more recent past history. Use caution and common sense when refinancing or taking out 2nd mortgages, you won't regret the decision.
Technorati Tags: Home Loans, Mortgage Refinancing, Mortgages
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