minority borrowers: Housing recovery will be long and drawn out, experts say
- 12/19/11 02:14 AM
Five years into the foreclosure crisis, we may have another five years to go. Economists and recent studies indicate that, though the housing market appears to be recovering, the climb out will be gradual. “We are five years through a 10-year adjustment process,” Doug Duncan, chief economist for Fannie Mae, said this month during a mortgage banking conference. The Dodd-Frank Wall Street Reform and Consumer Protection Act is expected to be fully implemented in the next two years. As the industry adjusts to the new rules, private investors are expected to stand by until they can more accurately judge risk levels. … (2 comments)
More than 25% of homes in the United States have negative equity. Foreclosure Season is expected to peak in mid- to late 2012, so the problem will only grow.
Many of our friends and clients in this situation are afraid and embarrassed. But they shouldn't feel that way. Everyone knows someone facing this problem. The key to alleviating the problem is knowing what to do, and then taking action.
We are Real Estate Professionals committed to helping people in just this situation find relief through any of the 10 alternatives to foreclosure. In this forum, we'll help guide distressed homeowners through the crises and into peace of mind.
Five years into the foreclosure crisis, we may have another five years to go.
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