Foreclosure Strategies
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January 24, 2014 By
Real Estate Values Increasing
Housing values have started to increase on Long Island. With the increase of housing values, more and more homes are developing equity greater than the value of the indebtedness on these homes. As a result of rising housing values, there have been fewer short sales on Long Island in 2013. A short sale is transaction in which the home is sold for less than the amount owed on the mortgage. In addition to fewer short sales, there have been fewer sales in foreclosure proceedings in 2013 than there were in 2012 on Long Island. A smaller percentage of the homes on Long Island are under water when compared to homeowner rates on a national basis in the United States.
The increase in the value of homes on Long Island will have an affirmative economic effect which will create a rise in consumer confidence and result in economic growth in 2014. This is according to Anand Nallathambi, the President and CEO of Call Logic. Call Logic tracks information with regard to mortgages in the United States.
Conclusion
With fewer homes under water, financial institutions should be more reasonable in granting mortgage modifications. The rising value of homes gives banks greater equity incentive to grant mortgage modifications.