Housing prices will NOT climb back to 2007 levels before 2020. That's the belief of a majority of bankers in FICO's latest quarterly survey of bank risk.
The survey shows that bankers expect delinquencies on consumer loans to rise, underwriting standards to become stricter and the housing sector to continue struggling far into the future.
"Housing has been an enormous drag on the economy for over three years as U.S. households lost trillions of dollars in equity," said Andrew Jennings, FICO's chief analytics officer. "Many bankers clearly believe prices will remain depressed for half a generation."
If you are in a situation where you must sell your house NOW, it's normal that you cannot have it sold for a long time. Because pretty much nobody wants to buy one now.
However, there is always a way to sell your house quickly.
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