San Diego, CA (PRWEB) March 24, 2014
A new article from LoanLove.com offers insight into the foreclosure forecast for 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 article continues to help loan borrows by explaining what the foreclosure rate says about the housing industry and, more importantly, how it will affect their chances of obtaining affordable housing in 2014. The new guide starts by saying,
“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.”
As explained in the article, foreclosure numbers have continued in a downward trend since peaking at 1.05 million in 2010. But what does this mean for those who are in the market to buy a home in 2014? Loan Love explains that while fewer foreclosures is a good sign for the housing market, it can be a mixed bag for those searching for a home. While fewer foreclosed properties means fewer areas where home values are depressed or where recovery is clouded over with uncertainty in some communities due to distressed homes in the area, it also means that there are now fewer “steals” to go around when it comes to very affordable distressed property sales.
LoanLove.com 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. Despite national foreclosure figures hitting historic lows, 10 states still saw foreclosures increase last year.”
These ten states are:
- Maine
- Maryland
- Arkansas
- Vermont
- New Jersey
- New York
- Connecticut
- Delaware
- Washington
- Pennsylvania
The foreclosure forecast guide for 2014 ends 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 on this topic, click here to read the full guide at LoanLove.com.