Faster Foreclosure Proceedings Lead To Quicker Housing Rebound

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The Federal Savings Bank compares recent housing data released by CoreLogic.com to a Seattle Times article regarding foreclosures.

VA and FHA home loans at The Federal Savings Bank

The Federal Savings Bank

Florida has the highest number of serious delinquencies in America at 11.9%.

The Federal Savings Bank echoes news from the Seattle Times that what may cause prices to rebound in certain areas of the country is based on the speed for foreclosure proceedings.

According to a November 30th Seattle Times release titled ‘A key to housing recovery? Out-of-court foreclosures’ areas where real estate has been hardest hit such as: Florida, California, and Nevada have experienced a strong rebound in prices due to expedited foreclosure proceedings. The article states "All the fastest-rebounding markets in October — those with strong sales, price increases and low inventories of unsold houses — were located in so-called nonjudicial states, where foreclosures can proceed without the intervention of courts."

According to the latest Corelogic ‘National Floreclosure Report’ from October 31, the top 3 areas of foreclosure inventory are Florida (7.4%, New Jersey (6.5%), and New York (4.8%).

"We find the CoreLogic data very interesting in correlation to the news released by the Seattle Times," says Nick, a banker at The Federal Savings Bank. He continues, "The report also showed that Florida has experienced more completed foreclosures in Florida over the past 12 month than both California and Nevada combined, yet the state remains number one in outstanding foreclosure inventory. The state of Florida should try accelerating the process of foreclosure proceedings which would cause fewer homes to sit weakening the local housing market." Sadly, Florida has the highest number of serious delinquencies in America at 11.9%. "Lien holders in Florida are influenced by others not to pay their mortgage payment as they know foreclosure proceedings take months if not years to carry out."

With real estate prices climbing across the country, one can only image the growth if foreclosure proceedings were to speed in every state.

The cost and effects of a delinquency are damaging to an individual’s credit. The Federal Savings Bank encourages struggling lien holders to refinance and avoid the burden of a foreclosure mess.

Contact a Federal Savings Bank loan officer today at: 877-788-3520 to discuss refinance options.

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