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Commentary – As housing market heals, it’s time to hasten the foreclosure process

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As housing market heals, it’s time to hasten the foreclosure process, by Mark Zandi. March 22, 2013

  • “It’s time to pull the band age off America’s foreclosure problem. The economy is ready to emerge from its recent dark period, but to make it happen soon we need to speed the resolution of millions of troubled home loans. Six years have passed since the crisis began, yet instead of accelerating, foreclosures have slowed. Until now this has been fortuitous. Time was needed to make sure strugglinghomeowners were treated properly, and to let the financial system digest its losses and the housing market absorb the flood of repossessions and short sales. But these objectives have been met, more or less. It is time to move on. House prices won’t rise and the economy won’t fully engage until more distresses properties are resolved and put back into ordinary use.”
  • Related graphic – “Housing still in distress – Although the number of loans in delinquency or foreclosure in the United States has declined from the 2009 peak, there are still 3.6 million loans in trouble in the first quarter of 2012.”
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