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The Need for Tackling the Foreclosure Crisis

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Foreclosure Crisis

What follows is a brief summary of a recent US News & World Report article covering the current state of the housing market.  The article offers some hope for a full recovery in the near term, but cautions against becoming too optimistic because it is likely that foreclosure numbers are bigger than what can currently be calculated.  The link to the full article is toward the bottom of this post.  Enjoy!

The US real estate market is finally showing some glimmers of hope of heading towards a recovery, especially regarding investment properties, but an increase in foreclosure numbers is the biggest threat looming on the horizon. The first order of business for government administrators is to help out underwater and distressed homeowners in any way that they can, for a reduction in foreclosure and REO numbers may be the key to addressing the current housing crisis.

While President Obama has announced several plans to address the mortgage issues plaguing the housing market, private lenders have also begun to take some preliminary steps towards easing their situation. Some may be motivated by the incentives the government has offered them, but most have simply recognized that easing mortgage plans and helping homeowners meet their financing payments is simply in everyone’s best interests.

Economists are worried that if the foreclosure crisis is not speedily addressed, it could unleash lingering problems in the economy. Homeowners may get trapped in their homes, losing out on other opportunities to get above the crisis. Growing foreclosures will also prevent the market from regaining confidence and moving towards a housing recovery.

For more details on this story, click here to continue reading.

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