While owning a home has traditionally been one of the most common ways to build financial security, the current market has turned. According to the report, nearly one quarter of all homeowners are currently stuck in a home which is worth less than the amount they owe on their mortgage - forcing them to take a loss if they want to move.
Making it even tougher to sell is the lingering supply of homes on the market, which continues to stay well above normal levels. The report says that while there is already an 11-month supply of homes on the market, that number may soon increase, with 3.3 million seriously delinquent loans still not on the market.
That swell of inventory could keep home prices and relocation activity at low levels for a long time, according to Bloomberg. The news source reports that many analysts are saying that home prices may not show steady increases for three or four years.
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