By Morgan Zenner Marketing and communications coordinator National Association of the Remodeling Industry
Illustration: Dennis Wunsch
Partner with FHA 203(k) contractors
to rise above the competition
A picture of the nation’s foreclosure market can be painted
with a few numbers. There were 224,394 foreclosure filings on
U.S. properties this past November, according to RealtyTrac.
The seasonally adjusted delinquency rate for residential
properties was 7.99 percent this past third quarter, the
Mortgage Bankers Association reports. In addition, 4. 43 percent
of all mortgage loans were in the foreclosure process by the
end of the third quarter.
Those working in the mortgage industry know this all too well.
The problem with these numbers is that banks are not meant
to own homes — people are. And when banks own homes, they
often sit idly and start to deteriorate to the point that they
are no longer inhabitable. The Federal Housing Administration
(FHA) Section No. 203(k) loan program may be the answer to
this vicious cycle. >>