New Mortgage Policies Only Further Dallas Real Estate Boom

The Dallas-Fort Worth area has long been known as one of the leading real estate markets in the country, continuously showing up as one of the most recovered urban locations since the recession began. According to Banking Commissioner Joe Smith, some of the top banks in America are set to cut some slack on mortgages, thereby further infusing Dallas real estate with steady growth.

In accordance with a 2012 agreement between the big banks and the government, significant financial aid will be provided to avoid foreclosure on mortgages across the country. February 2012 saw such giants as Bank of America Corp., JPMorgan Chase and Co., Citigroup Inc., and Wells Fargo and Co. promise around $20 billion to relieve the pressure on homeowners affected by the economic crisis.

Such efforts are mainly centered around keeping residents in possession of their houses, even when defaulting on their mortgages.

Smith was quoted as saying, “I’m encouraged by the consumer relief piece of the settlement. I’m satisfied we’ve got a good infrastructure set-up to monitor the banks going forward on the servicing standards, and I understand there’s still work to do on that.”

A lot of this relief has taken the form of short-sales, in which a property is sold for less than the amount owed by the homeowner on the mortgage. These sales are often cheaper for the bank, and can lead to a more favorable credit situation for the owner.

All of this means much more favorable conditions for buying Dallas homes for sale. The greater breathing room has increased the general confidence of the Texan real estate market, which is bound to create a snowball effect of exponential growth in the local property values.

If you are considering the purchase of a home and would like more information about Dallas mortgages, please don’t hesitate to contact us. We’d love to share with you all of the opportunities currently present in the Dallas real estate market.