Stemming Foreclosures
One major reflection of the recession that has hit the American market is the rise in foreclosures. In 2009 alone, 21% more homes received foreclosure related notices than did in 2008, according to the Las Vegas Review Journal.
Stopping these foreclosures is a key ingredient to helping the real estate market and the economy recover. Unfortunately, however, foreclosure rates aren’t decreasing and don’t show any signs of doing so in the coming year. According to the Irvine, California based RealtyTrac company, somewhere between 3 and 3.5 million houses will enter some phase of foreclosure in the coming year.
Certainly, there are steps that companies and the government can take to stem the tide. The Obama administration has a loan modification program known as Making Home Affordable. Private investing firms such as Sightline Acquisition with Kirk Sanford are trying to add money to the real estate market in Las Vegas. Other companies are trying to do their part as well, and everyone hopes that 2010 will show better foreclosure statistics than did 2009.