Real Estate and Economic Recovery
Approaching Economic Recovery
Although the signs of the economic recovery are appearing in almost every sector of the economy, but the good news is that instead of talking about gloomy days of recession and depression, we are finally talking real estate economic recovery.
1) The number of notices sent out to homeowners in default in their mortgage payments in May 2015, was the lowest since 2006.
2) The sales of existing new homes have increased for 9 straight months in June 2015, for a total of 9.6% increase in when compared to the same time last year.
Although there are other positive signs in different sectors of the economy and we are following a cautious path toward recovery, but some factors still dampen the optimism of a recovery. While the decrease in both default notices and foreclosure filings by are welcoming news but these numbers do not portray the reality of the real estate market. The fiasco of hew year ago, with Robo-signing and other mishaps by the lenders, has forced a major overhaul in the foreclosure process, which in turn has delayed some of the new filings. There is no actual data of how many foreclosures have been delayed because of the Robo-signing but the following data by Realtor Magazine might shed some light as to where the real estate and construction industry are heading:
States with the Most Foreclosures
- New Jersey
- New Mexico
- South Carolina