Foreclosure Market Trends in 2014 Discussed In A New Loan Love Guide
SAN DIEGO, March 25, 2014 /PRNewswire-iReach/ -- A new article from LoanLove.com offers insight into the foreclosure market trends in 2014 and helps loan borrowers to interpret how these numbers will likely affect them. LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love.
This new foreclosure forecast guide for 2014 says, "The foreclosure forecast for 2014 reflects the housing market's continued slow but steady crawl toward recovery, with fewer homes expected to end up in foreclosure or short sale situations. As 2013 drew to a close, real estate market forecasters from coast to coast were making bold predictions of an anticipated marked decrease in distressed properties. The first couple of months of 2014 would seem to support those assumptions. U.S. foreclosure filings in February dropped to the lowest level experienced in over seven years, a figure 10 percent lower than the month prior. Foreclosure numbers have continued to follow a downward trend since peaking in 2010 at 1.05 million."
Loan Love continues, saying, "The wildcard in the whole foreclosure game is the number of properties still lingering on the edge of foreclosure, begging the question of which way they will tip. Much like foreclosed properties, these "properties in limbo" can depress the value of surrounding homes and contribute to a cloud of uncertainty hanging over communities that might otherwise have made it further down the path of recovery. Despite the positive signs, it is still too early in the game to consider the housing market back to "normal," however you might define "normal" these days. But the market is clearly continuing its steady pace in the right direction as appreciation moderates, negative equity situations begin to right themselves, and foreclosures slow."
So is the decreasing foreclosure market trend a good thing or bad thing for those looking for a home? Loan Love explains that while the recovery in housing markets means that the homes people buy will have a better chance of their value appreciating, and their equity rising, the lack of foreclosed properties means a diminishing amount of super-affordable homes which people have been taking advantage of over the past few years. The article says,
"For prospective home buyers hoping to scoop up a deal, the reality is the once robust foreclose market has greatly slowed, a trend expected to continue. But that doesn't mean there still aren't opportunities available in foreclosure and short sales. Despite national foreclosure figures hitting historic lows, 10 states still saw foreclosures increase last year:
- New Jersey
- New York
Loan Love finishes by saying, "Bottom line: foreclosure sales are likely to play a diminishing role in the housing market in 2014, with continued year-over-year decreases on the horizon. Foreclosure starts continue to track downward as well. However, for some prospective home owners and real estate investors, the foreclosure and short sale market will continue to offer some opportunities, as it did prior to the bursting of the housing market bubble."
For more information, please read the full article at LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
News distributed by PR Newswire iReach: https://ireach.prnewswire.com