Foreclosure Forecast For 2014 Explained In A New Loan Love Guide

SAN DIEGO, March 31, 2014 /PRNewswire-iReach/ -- A new guide from LoanLove.com takes a look at foreclosure predictions in the year ahead and explains how these rates will affect the U.S. housing market and those who are planning to buy a new home in 2014. 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 news, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. A newly featured VA loan guide from LoanLove.com continues to help families and individuals to find their best options by reviewing the foreclosure forecast for 2014. 

The new foreclosure forecast guide 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."

The Loan Love guide goes on to explain that, for those planning to buy a home in 2014, the decrease in foreclosures and short sales is both good and bad news. On one hand, the recovery in the housing market means that in most areas home values are no longer being distressed by these distressed properties in the neighborhood. This means an increase in equity for everyone, which will likely continue and will help those who buy housing this year to see the value of their homes increase rather than go down over time. However, the increase in equity also means a decrease in home prices. 

The article says, "Distressed properties are still contributing to the national supply of available homes, but foreclosure filings are clearly falling. Improvements in the economy have meant fewer homeowners losing their homes and more lenders agreeing to short sales. Meanwhile, the recovery has meant home prices, along with home equity, continue to rise. 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."

For more information on the foreclosure market trends for 2014, and also to see which states saw foreclosures increase last year despite historic lows for national foreclosure figures, read the full article on LoanLove.com by clicking here. 

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]

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SOURCE LoanLove.com