New Orleans, LA — The market for homeownership in the United States is rapidly improving, with home prices rising by more than 20% annually in the last three years.
And while this is good news for families who are struggling to find housing, it is a bit disappointing for homeowners in the middle of the country.
With the median income in the mid-Atlantic region falling to $46,000 last year, the median price of a home in the US is $55,000, which is far below the national average.
What are some of the problems that homeowners in these areas face?
The middle-class homeowners of the midwest and Midwest are particularly vulnerable to rising home prices, as the housing market in these regions has historically been buoyed by the housing bubble.
For example, median household income in these markets fell from $56,000 in 2007 to $53,000 by 2016, according to a report released this month by the Federal Reserve Bank of St. Louis.
When the housing industry began to bubble, the mortgage market was largely insulated from any changes in home prices.
While mortgage lending was booming in 2008, home prices remained low.
And in the years following the 2008-2009 financial crisis, mortgage interest rates were among the highest in the developed world, with the average rate in the UK sitting at 2.1%.
With the economy tanking in 2009, the housing sector also took a big hit.
The Great Recession and subsequent economic downturn also put an immense strain on the housing supply.
For many homeowners, this meant that home prices began to fall, which in turn led to further mortgage defaults.
While the number of mortgages defaulted has declined in recent years, this does not mean that the home market is healthier than it was before the crisis.
In fact, a recent report by mortgage broker Knight Frank found that home sales and the number sold are still far higher than they were a year ago, with fewer buyers purchasing homes than a year before the Great Recession.
A similar problem is occurring in the state of Louisiana.
In 2017, Louisiana was the only state that reported a decline in home sales, as new home sales were down by 9.5% in the year to March 2019 compared to the same period last year.
According to a study by the National Association of Realtors, the rate of home sales has declined by 9% since the Great Depression.
The housing bubble and the mortgage crisis also have a big impact on the overall economy.
In the midwestern states, the number and type of construction jobs are also in decline, with construction and other manufacturing jobs having fallen by more 25% since 2008.
Meanwhile, the overall labor force participation rate has declined from 65.7% in 2006 to 58.6% in 2017, according the U.S. Census Bureau.
In fact, the American economy has actually gotten better over the past four years.
The number of people working in manufacturing has increased from 16.7 million to 20.6 million over the same time period.
And according to the Federal Bureau of Economic Analysis, gross domestic product expanded by 4.5%, while unemployment declined from 8.1% to 7.5%.
While the economic recovery has helped many Americans get back on their feet, many others are still struggling to get back to where they were before the housing crisis.
For many homeowners in mid-western and Midwestern states and parts of the Northeast, the financial problems that have affected their credit are also hurting their ability to access affordable mortgages.
According a recent study by Bankrate.com, the average interest rate on a home loan in the Mid-Atlantic state of Pennsylvania was 6.6%, which is roughly 50% higher than the national rate of 3.9%.
The financial hardship experienced by the middle class and low-income homeowners is compounded by the fact that they are not getting the help they need from their lenders.
In addition, most mortgage lenders are not willing to lend to borrowers who are already underwater on their mortgage, meaning they will not be able to refinance their mortgage.
So far this year, more than 2.3 million people have been foreclosed on by banks, and more than 7 million people are still unable to refloat their mortgages, according a recent article by The New York Times.
The mortgage crisis has left many families struggling financially.
As a result, many homeowners are choosing to sell their homes in search of a better home.
This means that more people are taking on more debt, and that means more financial hardship for homeowners.
One of the best ways to help homeowners who are in this predicament is to understand their credit histories and their ability for homeowners loans to be paid back.
Credit scores can help to better understand who the best borrowers are and what is going on with their credit.
Credit Score Calculator is a free tool that helps you determine if you qualify for a loan or not