May
12

The End of the Foreclosure Crisis, Do We See Light?

May 12, 2011

Unfortunately, not quite. A recent report by real estate expert Ilyce Glink on the

Equifax Personal Finance Blog says there are lots more foreclosures in the pipeline nationwide.

In “

What’s Going On With Foreclosures?”  Glink makes the prediction that there will be another increase in foreclosures before they start to turn around and return to typical “normal” levels. She sites many other real estate experts to make her case.  Glink states that most homeowners situations have not improved, despite reports from RealtyTrac showing that this January;s foreclosures were down in 27 percent from February 2010.

Glink proposes that foreclosures are down because banks are being more careful after last year’s “Robogate” scandal, and they’re taking longer with the foreclosure process. Chicago Real Estate Forum covered the Robo scandal last year  in Some Illinois Foreclosures On Hold Due to Lazy Lenders.  Unfortunately the banks being more careful doesn’t mean that  families aren’t still in danger of losing their homes to foreclosure. In fact, home prices are still down from a year ago in many markets. That means many homeowners continue to owe more that their homes are worth – they are underwater.

Glink still has hope for the home industry, though one of their experts says it may be four more years before the current supply of foreclosed properties is sold from banks to new owners.

Or maybe things won’t take that long to look up. Glink reports that the number of mortgages more than 30 days delinquent has fallen. Here’s hope that number will keep falling steadily and Chicago homeowners – and Americans – can begin moving forward on their homeownership dreams again.

You can read Glink’s full report at the

Equifax Personal Finance Blog. Are you worried about losing your home? Have you refinanced at a lower rate? We’d love to know! Please comment.

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

2 Comments

1

The media would make us believe we were near the end of the foreclosure crisis however I think we’ve only just begun!

2

The end of foreclosure represents the crisis of mortgage from a different point of view. This could lead to a successful foreclosure in this direction.

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