The ongoing problems for the U.S. housing market has put a significant strain on homeowners looking to make a profit on their houses.
However, families in the market for a new home haven't seen such low prices in nearly a decade. According to CNN Money, home prices have fallen to their lowest level since 2002, meaning that many homeowners may be feeling even more pressure to unload their homes before values decrease even further.
One of the reasons for the continued decrease in home prices is the burgeoning supply. The news source says there are so many houses on the market that supply has eclipsed demand. In addition, many of the available homes are distressed properties, such as those in foreclosure, which are selling for up to 50 percent off.
Yet, even with the cost of a new home at the most affordable level seen in years, many consumers continue to struggle obtaining a mortgage. This is because many lenders have become more strict with their loan distributions.
As a result, prospective homeowners who want to take advantage of these major savings may want to speak with a credit attorney to see if they are eligible for a quick credit fix. A credit lawyer can help a consumer spot any inaccurate or improperly reported items on a credit report, which may be unfairly lowering their credit scores.