|By PR Newswire||
|April 7, 2014 06:00 PM EDT||
SAN DIEGO, April 7, 2014 /PRNewswire-iReach/ -- An article recently featured on LoanLove.com takes a look at the foreclosure predictions for 2014 and gives a review on how the distressed properties inventory will impact the housing market and those who are hoping to purchase an affordable home this year. 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. The new article continues to keep home loan borrowers up to date so that they can best plan for their home loan goals this year.
The article says, "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. 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.
"What do all these statistics mean for those who are hoping to buy a house this year? Loan Love explains, "Despite the positive signs, it is still too early in the game to consider the housing market back to "normal," however you might define "normal" these days. But the market is clearly continuing its steady pace in the right direction as appreciation moderates, negative equity situations begin to right themselves, and foreclosures slow. 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."
Loan Love goes on to list ten states that have actually seen foreclosures rise despite national foreclosure figures hitting all time lows. These ten states are:
- New Jersey
- New York
Loan Love 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 the foreclosure market trends this year, click here to read the full article at LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]
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