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Lending Standards to Impact Fort Wayne Bank Owned Homes Numbers



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By : John Cutts    99 or more times read
A survey conducted by the Federal Reserve showed that majority of banks in the U.S. have decided not to tighten lending standards in the country. Local market observers see the survey’s results as a factor that can help lower the number of Fort Wayne bank owned homes in the remaining months of 2010.

Bank owned homes in Indiana, or bank foreclosures, account for a big part of the state’s foreclosure rates. With the release of the Federal Reserve’s survey, local market analysts are optimistic that banks’ stand on lending standards will help alleviate some of the foreclosure problems of Fort Wayne and the rest of the state.

According to the Federal Reserve report, the first quarter of 2010 showed banks not making any move towards tightening loan standards in the country. This is being seen as a sign that bank credit conditions will start to improve in the U.S. and bank owned homes foreclosures will start to level off.

Fort Wayne bank owned homes in particular, have contributed to the foreclosure problems of the whole state. Because of this, the city welcomes findings from the survey which showed that a big number of banks are willing to provide installment loans to borrowers. The survey also revealed that only a small portion of banks in the country have restricted business lending standards in the past two years.

Real estate market analysts have asserted that banks’ willingness to meet borrowers halfway is another factor that could greatly contribute to the recovery of the national housing market and the economy in general. They also added that the move can also help financial markets’ recovery.

Economists have partly blamed credit shortage and tight loan standards in the past for the slow recovery of the housing industry and the national economy. The central bank has even cited credit shortage as one of the primary reasons for its decision to hold interest rates at 0-0.25% for a longer period.

The survey by the Federal Reserve showed that majority of banks have opted not to change their loan standards. It also demonstrated that demand for loans have weakened during the first months of 2010. Locally, these results are being seen as potential contributing factors in lowering the number of bank foreclosures and Fort Wayne bank owned homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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