When homeowners decide to take out a mortgage on their property, it will greatly benefit them in the long run if they use an amortization calculator to help create monthly payment plans that will not weigh them down financially.
As this blog as previously mentioned, the economy as a whole is working its way back to recovery. While the fortitude of multiple industries is necessary for full strength, the housing market has the ability to lead the way.
A recent report from the Center for Responsible Lending (CRL) found that foreclosures have drained nearly $2 trillion in home equity in neighborhoods across the United States. Researchers Debbie Bocian, Wei Li and Peter Smith published "Collateral Damage: The Spillover Costs of Foreclosures," which showed losses stemming from completed foreclosures and future losses projected on foreclosure starts.
The findings also showed that based on the 10.9 million loans that entered foreclosure between 2007 and 2011, approximately $1.95 trillion in property value has been lost or will be lost by residents who live close to foreclosed properties.
Wade Henderson, president and CEO of the Leadership Conference on Civil and Human Rights, told the news source that the results were "troubling evidence of how much the economic costs of foreclosures are spilling over into communities all over America."
While foreclosures are rippling across the nation, other reports show that home prices are beginning to increase, which is a sign that the economy is improving.
S&P/Case-Shiller released readings today that showed property values in 20 cities rose 2 percent from August 2011, the biggest year-to-year gain since July 2010.
As debate continues to rage over the housing market's status, lenders should use mortgage loan software to make loans that borrowers will be able to pay back in a timely manner.