The experts are optimistic that the market has changed its course and that there could be light at the end of the tunnel. All the signs are good at the moment with California starting to see foreclosures drop from the previous months. The Government can smile at the moment as it looks like the plans have started to work.
The news could only be good for homeowners, it gives them a bit of breathing space from their homes going into foreclosure proceedings. It seems the pressure the government is putting on the banks to help property owners is working at the moment. If they can sustain it, it can only be good for them.
The lenders have started to realize the only way out of this is to give the borrowers more time to catch up with their payments. They are not doing this out of kindness, but because they will be losing money if they put the property into foreclosure listings. The price of property will continue to fall because the market is flooded with foreclosure property.
Most experts are saying they do not see an increase in foreclosure property in the foreseeable future. They are probably right, but I believe there is going to be worse times ahead for homeowners. In my mind I can see unemployment figures dropping even more and the dollar falling away to nothing. To me this is only a smoke screen to build confidence within the market, I can see dark times ahead.
Anyone who is in a bad situation and facing foreclosure proceedings should talk to their lender straight away. Banks have came out and said "That they are doing everything within their power to help the homeowner retain their property."
This news is good at the present but as I have said "I believe it is only going to be for a short period." It is going to take some years to clear up this mess of foreclosure listings.
However, as you well know there is always an up side and that is for buyers and investors. For them there is still a lot of opportunities out there to be had. Armed with the right knowledge and professional guidance there are profits to be made.
The news could only be good for homeowners, it gives them a bit of breathing space from their homes going into foreclosure proceedings. It seems the pressure the government is putting on the banks to help property owners is working at the moment. If they can sustain it, it can only be good for them.
The lenders have started to realize the only way out of this is to give the borrowers more time to catch up with their payments. They are not doing this out of kindness, but because they will be losing money if they put the property into foreclosure listings. The price of property will continue to fall because the market is flooded with foreclosure property.
Most experts are saying they do not see an increase in foreclosure property in the foreseeable future. They are probably right, but I believe there is going to be worse times ahead for homeowners. In my mind I can see unemployment figures dropping even more and the dollar falling away to nothing. To me this is only a smoke screen to build confidence within the market, I can see dark times ahead.
Anyone who is in a bad situation and facing foreclosure proceedings should talk to their lender straight away. Banks have came out and said "That they are doing everything within their power to help the homeowner retain their property."
This news is good at the present but as I have said "I believe it is only going to be for a short period." It is going to take some years to clear up this mess of foreclosure listings.
However, as you well know there is always an up side and that is for buyers and investors. For them there is still a lot of opportunities out there to be had. Armed with the right knowledge and professional guidance there are profits to be made.
Darren Walsh writes on marketing and business related issues. You can learn more by visiting my blog: Free Foreclosure Listings.
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