With only a few months left on the calendar, 2013 could finish with the lowest foreclosure rate in six years. “Underwater” is still a term too common in most states, however the national foreclosure rate lowering is a sign of an improving economy.
While there’s still work to do, Americans are doing what they can to bring economic recovery. Wall Street Journal chief economics reporter told CBS that Americans are handling their finances in a “heroic” way. “Faced with all this debt after the housing boom, they’ve made a lot of progress on paying it down,” he told CBS. Nearly one-eighth of household consumer debt has been written off by banks or paid down.
As debt continues to be paid down by assets and foreclosure rates continue to lower, the hope is financial stability and economic recovery.
However, in some states, the recovery seems further than others. Foreclosure rates are up 275 percent in Maryland. According to RealtyTrac, Florida, New Mexico, Ohio, Nevada, Illinois, Georgia, South Carolina, and Utah have the highest rates in the nation.
Experts suggest that parts of the United States will experience economic recovery at different paces. Currently, the northeast is struggling, including New York, Connecticut, and New Jersey.
Most economists also believe lowered foreclosure rates is just step one for economic recovery. As personal finances are stabilized, the next step is spending money. In our current state, the US is in a mental state of “thrift” and not spending much money. As finances return to a repaired state and citizens get more comfortable spending, the need for jobs should increase and economic recovery will be in sight.
In our country’s state of economic recovery, it’s important for business owners to not cut corners where it counts. When handling detailed reports during foreclosures and short sales, it’s vital to be accurate and complete. Blue Streak Docs is a document retrieval company with services tailored to meet the needs of real estate attorneys and mortgage professionals. We take on the thoroughness and details that some offices may not have in-office ability to. If your staff is feeling overwhelmed with the demands of document recording, searching for deeds, and recording mortgage documents, Blue Streak Docs would love to assist you! Give us a call today at 727-479-0007.