San Diego, CA (PRWEB) March 25, 2014
How will 2014’s foreclosure inventory affect those looking for a new home this year? Loan Love’s new guide takes a look at the foreclosure forecast for 2014 and explains how foreclosure rates are expected to impact the housing market this year. 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, titled “Foreclosure Forecast For 2014: Anticipated Impact On Housing Market” looks at the foreclosure inventory 2014 is facing, 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. Foreclosure numbers have continued to follow a downward trend since peaking in 2010 at 1.05 million.”
Loan Love further explains, “There were a reported 112,498 foreclosure filings in February, including default notices, repossessions, and auctions, a 27 percent drop from the previous year and the lowest point since December 2006. So-called “zombie” or “ghost” foreclosures are measured separately. These are homes that have simply been vacated by the owners, a category that topped the 152,000 earlier this year. Surprisingly, despite measurable economic recovery, this figure has remained relatively flat compared with the third quarter of 2013, the point at which it was last measured. The wildcard in the whole foreclosure game is the number of properties still lingering on the edge of foreclosure, begging the question of which way they will tip. Much like foreclosed properties, these “properties in limbo” can depress the value of surrounding homes and contribute to a cloud of uncertainty hanging over communities that might otherwise have made it further down the path of recovery.”
The article continues by pointing out that while fewer foreclosures are good news for the housing market at large, as well as for potential home buyers in the future, in the short term a waning foreclosure inventory means fewer low priced homes to go around. Loan Love says, “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.”
Loan Love then lists 10 states where foreclosures actually increased last year despite nation foreclosure figures hitting historic lows. To end, the article says, “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 the foreclosure forecast for 2014, click here to read the full article on LoanLove.com