Less Foreclosures Doesn’t Mean a Stronger Housing Market

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The economy is on the mend, but many neighborhoods are still suffering from unusually high foreclosure rates. Citizen-Times has reported that foreclosure rates are slowly going down, which is goods news to many people, but that the rates are still unreasonably higher than industry experts would prefer. A hidden consequence, according to the online article, is that foreclosures still affect the real estate market — even foreclosures which happened years ago — because a few low property prices can cause the value of an entire neighborhood to go down. Many homeowners are struggling now not because of sudden financial problems, but because of the after-effects of so many foreclosures.

The most frustrating part of the foreclosure process is that homeowners seem to have no control over it — it goes without saying that a homeowner can’t control the foreclosure process of a neighbor’s house, but many homeowners are now finding that their own homes may be in jeopardy as the value of specific houses, streets, and communities is in flux.

The homeowners who do find themselves in the middle of a foreclosure may be feeling a bit rejected or ashamed because of this; especially for homeowners who have strong relationships with their neighbors, a sense of guilt may accompany them as they start considering foreclosure proceedings. Empty houses often run the risk of encouraging illegal or violent activities, and no one wants to contribute to a growing community crime rate or cause a neighbor’s property to decrease in value simply because it’s next to an empty house.

It is important to note, however, that foreclosure isn’t the end of the world. Ajc.com recently released an article on foreclosures in the Atlanta area, and within that article it is stated that many foreclosure notices don’t actually result in foreclosures. Homeowners will still have to negotiate with lenders, and perhaps work out other financial problems, but it is very possible that a foreclosure will be postponed or withdrawn completely during negotiations.

For this reason, many homeowners seek an attorney who specializes in foreclosure laws and real estate. Even if foreclosure prevention isn’t possible, experienced foreclosure lawyers may be able to intervene in these negotiations, or, at the very least, make the foreclosure process as painless as possible for clients. Thousands of homeowners find themselves in the middle of a foreclosure process, and although the rate of foreclosures is slowly looking better, there are still many Americans who are suffering from financial problems and have to consider whether foreclosure is a good idea. Foreclosure isn’t a perfect solution to financial problems, but for some homeowners, it’s the best solution available. Find out more about this topic here: www.rkelawgroup.com

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