Slowing foreclosures expected in the coming year

A recent report released by UFA an Ann Arbor Michigan company that researches mortgage activity, states that they anticipate foreclosures to decline in the next year.  After three years of rising foreclosures there is no doubt that it will be nice to see foreclosures start to subside.  Based on a variety of different reports you should not expect to see any substantial improvement until the second half of 2010 and there is still a hoard of foreclosures that is being held in bank vaults trickling out slowly at this time.

It should be noted that the unemployment rate and overall improvement of the economy will have a strong influence on just how fast the real estate market does recover.  Lenders continue to tighten lending requirements creating a short term challenge to buyers and sellers but a long term improvement in the over all health of the industry.

The near collapse of the real estate market is attributable to the elevated rate of foreclosure created through a lending industry gone awry.  Gone are the days of fast and loose lending practices… at least for the foreseeable future.

Read an article at Business Week about foreclosure rates.

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