Less Foreclosures Doesn’t Mean a Stronger Housing Market

Business law attorney

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 Continue reading