The latest data released by UFA L.L.C., a firm located in Ann Arbor Michigan that researches mortgage activity, states that foreclosures are expected to decrease in the next year. After four years on the rise there is no doubt that it will be nice to see Passaic County foreclosures start to subside.
Improvements in the foreclosure arena are seen linked to tighter lending practices, home prices stabilizing, and an improving economy. The one element working against foreclosures is the increasing unemployment which will leave some without the ability to make their mortgage payments.
The onslaught of no-doc loans and inflated home prices led to four years of increasing foreclosures. Passaic County real estate is on the upswing and largely attributed to an elevated rate of foreclosures. A decrease in foreclosures will be a welcome sign for a real estate market that has seen better times.
Click here to read an article at Business Week about foreclosure rates.
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