Foreclosures dropped, in June, to Pre-Housing Bust Levels. 107,184 homes were in default, auction or re-possession in June, down 16% from June 2013 and at the lowest level since July 2006. RealtyTrac forecasts foreclosures in 2014 to be at a record low of 630,000 homes, down from a high of 2.1m in 2009. Improved mortgage performance, while economically beneficial, has been gained, to a significant degree, by restricted lending policies instigated as a result of the crash. Many believe that the mortgage credit pendulum swung and has remained too far to the conservative side, limiting access to housing by entry level homebuyers and those with minimal down payments. The result has been a decline in existing home sales, new home sales and mortgage originations…..regarded by most economists as the 3 major pillars of a strong economy.
Posted on: Thu, 31 Jul 2014 14:11:41 +0000
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