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Bank and Foreclosed VA Homes Strengthen Stand Against Home Ownership

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By : John Cutts    99 or more times read
The continuous rise in the number of foreclosures, including foreclosed VA homes, has led to a number of housing experts to argue against the concept of homeownership; at least, at this point in time. As the U.S. continues to suffer from the recession and the housing industry crisis, more and more are espousing a move away from ownership of houses.

According to a number of local housing experts, the rising number of Philadelphia foreclosure listings showed that some people are just not meant to own residential properties. This claim has resulted in debates all around the country, particularly since the U.S. is known for promoting homeownership as a necessary part of being an American. However, the housing industry crisis has led some market experts to change their views about homeownership in the country.

The Federal Reserve of Philadelphia has recently released a study which emphasizes the need to look at other priorities other than homeownership, particularly now that Pennsylvania foreclosure lists have reached record highs. According to a scholar, the current status of the residential property market requires more focus on homeownership sustainability rather than efforts geared towards creating more homeowners. Authorities should shift their attention to helping current low income homeowners instead of reserving public resources and funds to convert low income people into homeowners.

A number of analysts have agreed with this claim, arguing that the oversupply of bank and foreclosed VA homes makes creating new homeowners an unwise decision. This argument goes against the traditional belief that homeownership has inherent economic and social benefits that can help the country recover from the recession.

It was further added that policies supporting this new housing philosophy should be explored by local, state and federal authorities. With properties under foreclosure listing expected to remain high for the next few years, the suggestion has garnered a lot of support from housing market experts.

Nationwide problems over the high number of foreclosed properties, including foreclosed VA homes, are expected to continue in the next two years or so as the country tries to recover from the recession and the record level of unemployment in various key areas. Analysts assert that a change in policy is in order to speed up the U.S. economic recovery.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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