Bloomberg Suggests Stopping Foreclosures Will Not Help Real Estate Market
June 28th, 2011
In a recent interview Bloomberg reported that there are approximately 3 million foreclosures in process in the U.S. As well as 2 million more homeowners at risk of foreclosure.
These big numbers have encouraged some state officials to try and stop foreclosures in hopes of helping people and improving the economy.
Bloomberg suggests that the biggest problem with the real estate market right now is that there is more inventory than people buying houses. This means that when someone forecloses on their home they are likely to move into a rental. Thus the rental market is at a high and home sales are still low.
If people who have foreclosed were given assistance that allowed them to buy a new home it would do more to help the real estate market then stopping the foreclosures.
Dupage County in Illinois is not a stranger to foreclosure. If you think you are at risk of foreclosing on your home then you need an attorney in Warrenville IL. Chang & Carlin has an office there and offers free legal evaluations and a flexible payment plan.
Entry Filed under: Legal