SAN DIEGO, March 27, 2014 /PRNewswire-iReach/ -- 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 news, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Recently the loan advice website released a guide that looks at the foreclosure predictions for 2014 and explains how these predictions will impact the U.S. housing market.
The new foreclosure forecast 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. Foreclosure numbers have continued to follow a downward trend since peaking in 2010 at 1.05 million."
How will these foreclosure numbers impact new home buyers in the year ahead. Loan Love explains that while lower foreclosure rates mean that the housing industry is slowly recovering, which is good news for current home owners and potential home owners in the long run, as it means that the values of their homes will likely appreciate and they will be able to build equity faster, in the short term it means that there will be less affordable housing to go around. The article 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."
The article then lists ten states were foreclosure rates rose last year despite historic lows for national foreclosure figures. To end, Loan Love 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, please visit LoanLove.com to read the full foreclosure forecast guide.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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- Real Estate
- real estate market
- housing market