Things aren’t looking great for homeowners these days regarding home values. Since the housing peak in 2006, homeowners have lost about $5.9 trillion in value. The major impact on declining prices are foreclosures and the economic recession. Bloomberg reports:
“A phenomenal amount of wealth has been erased since the housing bust,” Stan Humphries, chief economist for Seattle-based Zillow, said yesterday in an interview. “For many households, most of their wealth is tied up in real estate.”
The net worth of U.S. households at the end of June fell 19 percent from two years earlier to $53.1 trillion, according to Federal Reserve data.
You can’t control the economic crisis happening around you, but you can take simple steps to make sure you and your family are prepared. It’s important that you start and finish the year 2010 and beyond with your financial house in order. A part of your plan should include emergency preparedness, so that you avoid spending higher, unexpected money to recover from natural or man-made disasters.
It’s time to get out debt, keep a stock of major supplies you’ll need to survive if there are widespread power outages in your area, or if you lose your job. Start with survival kits for your home and add to your supplies as you’re able to financially.
Source:
http://www.bloomberg.com/apps/news?pid=email_en&sid=af9OWXW1MJ6k