The Dallas-Fort Worth urban area has recently been defined by its real estate market, which has shown astounding recovery since the economic crisis of 2008. And no other city has shown quite so much burgeoning potential as Dallas itself.
Dallas real estate has time and time again been proven as a haven from the harsh winds of the recession. With constantly rising property values and increased demand for housing, there is good reason that the area is consistently rated as one of the best housing markets in the country. And recent bank activity is looking like it will only further cultivate the city’s property wealth.
Big banks like JPMorgan and Bank of America are currently planning on implementing changes that would loosen up the terms of mortgages so as to minimize the possibility of foreclosures. In response, the amount of delinquent mortgages is predicted to fall rapidly.
Last year these banks came together to provide around $42.3 billion for refinancing and other methods of giving the aching nation some leeway, and it looks like this trend is going to continue. Short-sales, where houses can be sold for less than what owners owe on their mortgage, have also been used to alleviate some of the economic pressure. The very fact that banks can afford to do this indicates a generally safer economic situation for the U.S. as a nation.
As Columbia Business School real estate professor Christopher Mayer says, “It’s not a party, we’re not home-free, but it’s a big increase in mortgage aid, and that’s going to help both borrowers and the housing market.”
In light of this, the Dallas real estate industry is set to advance even further. The higher forgiveness on the part of banks will serve to allow investors to buy more property with more confidence, thereby strengthening the economy.
If you are interested in learning more about buying a Dallas home, please contact us. It would be our pleasure to help guide you through the exciting investment options that have opened with this new banking development.
+Patrick Glaros empowers people to find their best home loan option. Through planning and education, and a goal-oriented approach, Patrick and the team at Dallas Mortgage Planners have one common goal: Help clients make an informed decision to choose the best home loan for their unique situation. Find other articles written by Patrick.
