More NEW Homeowners are Becoming Delinquent
According to the Federal Reserve Bank of New York, 2.7% of current mortgage balances transitioned to delinquency, up from 2.6 percent last quarter. Additionally, industry research firm Foresight Analytics predicts residential mortgage delinquencies at 13.3% for the third quarter.
New threads are popping up every day on ActiveRain, RealTown and other sites posing the question: Has the real estate market hit bottom? Unfortunately, the answer is no … not yet. We actually think we’re a few years away from a recovery.
However, these numbers show an overwhelming need for educated real estate agents to help homeowners in distress. This is where the market is today, and successful agents are working within these conditions, not avoiding them.
Helping homeowners avoid foreclosure, especially through short sales, has kept real estate agents relevant, assisted in community stabilization, and helped families find greater financial stability.
We continue to maintain that real estate agents will lead the housing industry out of the current crisis. And we’re seeing it happen, one homeowner at a time.