On Tuesday, June 26, the Case-Schiller indexes showed that home prices had a monthly increase for the first time in seven months. However, despite this good news, there are more than 10 million homes and properties with underwater mortgages. Foreclosure is still a very real option for many Americans.
What to do?
If you’re struggling with underwater mortgages on a house or other property, you might be hoping that the rise in prices will help you reverse your situation. While the figures carry some good news, your situation will largely depend upon the housing market you live in.
Barclays expects home prices to rise by 3% during 2012. However, homeowners are entering into the foreclosure process left and right. Even if the anticipated figure of 3% price increase is met, it won’t be enough for many homeowners to hold onto their mortgage.
Foreclosure might be a good option for you if you’re in an upside down mortgage. Speaking with a foreclosure attorney can help you determine which options are most advantageous for you as you enter the process.
A lawyer might recommend that you pursue the route of doing a short sale. Or, it might be possible to save your home by refinancing. The important thing to remember is that the Case-Schiller indexes or any other predictions only have so much bearing on your particular situation.
At the end of the day, your local real estate market is unique, and it’s your home and future. Talk with a foreclosure attorney today to make the most of your situation!