|By Marietta Rodriguez |
Programs & Lending
With signs of a turnaround in housing appearing in various industry reports such as those from the National Association of Realtors for pending home sales, and from the National Association of Home Builders via its new home sales index, it’s not difficult to think that the foreclosure crisis is behind us. But it isn’t.
Recently I was on a panel at the National Association of Real Estate Editors spring meeting discussing the housing market alongside representatives from Bank of America and FNC, Inc., and we agreed that the foreclosure crisis won’t end for another two years – according to the most positive forecasts.
Mortgage rates are likely to remain very low for the foreseeable future and that’s good for housing and for ending the foreclosure crisis. However, what we really need to do in order to find the end more quickly is make it easier for qualified buyers to purchase homes and for homeowners in distress to find solutions that don’t end in foreclosure.
|Neighborhood Housing Service of |
South Florida educates a potential homebuyer
|Family outside their home |
in Great Falls, Montana
The housing market won’t rebound until the foreclosure crisis is behind us. However, by improving the availability of mortgage credit and homebuyer education, we can minimize the impacts of the crisis and make sure it ends within two years.