This past week, JP Morgan Chase and Bank of America released their 1st quarter earning reports.
It turned out that their Mortgage Loan Divisions are dragging down their net earnings.
With the U.S. housing market showing no signs of a hitting a bottom and foreclosures continuing to mount, the outlook for financial companies is cloudy at best.
No bank better exemplifies this problem than Bank of America, which missed analyst expectations on Friday when it announced $2.39 billion loss in its home loan business.
Therefore this past week alone, the shares of Bank of America plunged by almost 5 percent.
Considering the above, this gloomy housing market may continue for a while, at least till the end of the year.
The local NYC areas including Brooklyn, Queens and the Bronx would follow suit. Therefore, the princes are more than likely to keep falling. Therefore selling a house will probably become much harder, going forward.
But if you find yourself in a situation where you need to sell your house right away, there is still a way.
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