Many home buyers, especially first time buyers, have benefited from significant tax credits in the last two years. Designed to help stimulate the housing market by offering tax incentives to home buyers, the credits have generally seemed to accomplish their intent. Home sales have improved for months, and most recently, reports on foreclosures suggest the number of people entering foreclosure is dwindling.
Record levels of homeowners in financial distress and dealing with foreclosures is one thing that might help keep conventional rates in check for the time being. While housing data and total foreclosures have improved somewhat in the last several months, many Americans still owe more on their homes than they are worth.
President Obama recently made a trip through five states that were struggling with homeowner delinquency and foreclosures to promote his administrations new plans to help homeowners more effectively dig their way out of financial turmoil.
In an effort to help support struggling homeowners and struggling public approval numbers, President Obama has been hitting the trail hard to deliver foreclosure relief programs and housing market support on a more localized basis.
As a result of the findings of two recent studies, it appears that the number of foreclosed homes on the market will continue to rise throughout the course of the next few years. In fact, it is estimated that an astonishing 7.7 million American homeowners are currently behind on their mortgage. As a result, nearly 5 million homes could be foreclosed on within the next few years.
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