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Stopping the foreclosure process is on the minds of many across America. The housing sector is struggling and interest rates for long term loans were just subject to another minor increase. Interest rates though remain at relative lows right now and many would like to lock into a long term 15 or 30 year fixed rate mortgage. Unemployment applications are decreasing and the average American income is moving in a positive direction. Americans are now in a better position to close on a home. One problem right now is the foreclosure process. Homes that were potentially available due to foreclosure are waiting in limbo right now due to red tape and paperwork related to the foreclosure process. Since banks across America came under fire for improperly seizing homes for foreclosure, the process of completing a foreclosure has been stalled and those waiting on the sidelines to make the purchase must wait longer. The documentation, which is part of the foreclosure process, is elongated and is detrimental to the housing sector recovering in our market. October sales of existing homes fell 2.2%, more than analysts had forecast according to the National Realtors Association. An efficient process is needed when reviewing the foreclosure process. The state of the housing sector and national economic recovery overall would both benefit. Author: Stephen Johnson
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