If you remember, at the time of initial debt crisis in the US, banks were pushed to take houses under custody - the owner of which failed to provide mortgage. Irrespective of the step taken by the Government to tackle the situation, the number of foreclosure is still on high.
There is an urgent need to combat the rise of foreclosure as increased foreclosure highlights and economic growth. It has been reported that in the third quarter of the year, the foreclosure has increased by 1%.
The Chief Executive of RealtyTrac, James Saccacio is pressuring the government to take step to cut short the trend of continues growth in the foreclosure. He is of the view that the jump in the foreclosure has resulted from “14% jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures”.
All over the country, there have been about 214,855 in the third quarter of the year. As compared to last year, there has been a reduction of foreclosure by 38%. The reduction in the foreclosure is although good, the government is required to combat the monthly increase in it.
Increased foreclosure is highlighting a comeback of recession. The investors all over the world are reluctant of investing in the estates and properties because of the foreclosure and continues debt crisis. Unless and until the foreclosure is minimized, the investors would be reluctant in investing in properties.
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