Not so good but possibly stabilizing.
That is the verdict from Harvard?s Joint Center for Housing Studies 2010 report on the state of the American Housing Market.
?The nation has not faced housing problems of this magnitude since the Great Depression.?
Job losses and high unemployment of course, have contributed and also the significant decrease in home prices throughout the nation. There is also a great number of homeowners that are ?underwater? meaning that they owe significantly more on the home than it is possible to sell it for. This is leading to more defaults sometimes even by strategy just to get out of the house.
Check out the whole article about the State of the Nation?s Housing Market at the Washington Independent.