Newsletter - September 2013
Foreclosure experts are suggesting the foreclosure crisis in the United States may be coming to an end. Foreclosure petitions haven’t been as low since before the crisis in 2006. With homes in short supply, property values are rising, giving borrowers the ability to sell high enough to cover the loan or refinance. That’s great news for many homeowners in the United States!
However, as economist Herbert Stein once said, all economic news is bad for someone. In some states, home supply has gone down due to the slowed bank activity. Because of losses suffered during the real estate crisis, some banks have become hesitant to finance new construction. Increased regulation from the Dodd-Frank Act is another reason. At 2,319 pages, it’s 16 times longer previous banking laws!
In the current economic climate, these two groups are also experiencing difficulties:
- Homeowners waiting for mortgage relief – There are many homeowners looking for mortgage relief for their current situations. Some of these homeowners may have already received mortgage relief, yet have fallen behind again on payments.
- First-time homebuyers – These individuals have good-standing credit and are ready to invest. However, due to government and banking backups they are not able to find what they are looking for. Since the 1980s, first-time homebuyers have represented 40 percent of the purchases. In recent years, first-time homebuyers have dropped to 30 percent.
Economists are suggesting the slow rebound of housing recovery in America directly relates to the foreclosure climate. From state to state, homeowners across the United States are experiencing a variety of economic temperatures. If your company works with foreclosures, short sales, or banking professionals, it’s important to know the needs of each client and be prepared to facilitate. The increased regulation of the Dodd-Frank Act is another reason to be sure your document recording is thorough and accurate.
Blue Streak Docs is a document retrieval company committed to complete reporting and hard work. After seeing a need in the housing market for document reporting assistance, a special division of our company was created to meet the needs of real estate attorneys and mortgage professionals. We provide detailed property reports, title searches, real estate document recording, and much more. For more information about our services, contact our office team today at 727-479-0007.