It seems like every week something new is revealed about the current housing market. Some experts suggest that we are headed towards a recovery, while others aren’t as optimistic. So what can we expect for the remaining half of this year?
The Ups and Downs
Unfortunately, we don’t have a crystal ball so no one can say for sure what the future of our housing market holds. However, we do know a few simple facts about how the market has performed in recent months.
First, the number of foreclosures has continued to slow since late last year and there is no reason to assume the upcoming months will be any different. Part of the reason for the slowing in foreclosures is new regulations that arose from the mortgage debt settlement earlier this year. Lenders now have more work on their hands when it comes to foreclosing on a home, making it harder for unlawful foreclosures to take place. Revised government programs have also become more efficient at helping distressed homeowners obtain a loan modification or refinancing option before their homes succumbs to foreclosure.
Although the number of new foreclosures has slowed, there are still many saturating the markets around the country making some home sales slower than usual. Foreclosed homes are clogging up the system in some areas more so than others. Short sales are also quite popular among real estate listings, but they tend to have a much quicker turnover than foreclosures. While this evidence doesn’t suggest a recovery is promised, it is hard to deny that our real estate market has improved from this time last year. As lenders become more open to foreclosure alternatives, we should see a continued improvement that could lead us into a more stable position down the road.