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Today, I’d like to discuss the current state of the housing market, focusing specifically on homeowners facing significant debt. In recent months, the market has experienced a cooling-off period, influenced by various factors such as rising interest rates and inflation. Despite these challenges, tons of eager buyers are still in the market.
According to Bloomberg, there has been a notable 29% increase in auto loan default rates in 2023, a trend likely to persist as interest rates stay elevated. Another noteworthy statistic comes from the Federal Reserve Bank of New York, revealing that Americans are grappling with the highest levels of credit card debt ever recorded. This indicates widespread financial struggles are becoming common.
If you find yourself as a homeowner in such circumstances, talk to us to assess whether retaining your house is the best decision for you. For some, a home may no longer be an asset but more of a financial burden. Throughout my career, I’ve assisted numerous homeowners in finding effective debt relief options.
If you’re a homeowner and the weight of debt has become overwhelming, let’s explore potential solutions together. Call or email me; I look forward to hearing from you.