Recent cutbacks in the Army have affected real estate markets near major bases. WilliamTelish discusses the implications for the mortgage industry.
Local communities near military bases suffered less from the 2008 recession than others thanks in part to a thriving military economy. Now, with more than 40,000 troops being reduced from the Army as part of the federal government's austerity measures, along with 17,000 civilian jobs, local mortgage industries around military bases are feeling the pinch. According to Telish, this trend is likely to continue for several years before leveling out.
"Some bases are not being affected as greatly as others," notes Telish. "The largest bases will probably lose the most people, and the mortgage industry around those areas will likely be hit hard. Losing more than 3,000 families from an area almost instantly is not something the real estate market can ignore, especially when the bases are the only real job-providers in the area."
However, Telish notes that while this may be bad news for some, the mortgage industry in other areas is set to swell. "Every family that leaves a military base must go somewhere else to live. If those people return to areas where there is good job growth, those mortgage industries will continue to prosper."
Telish, on his interactive blog site, also notes, "The reduction of force at a base can also be good news for those who want to locate in the area. Many empty houses mean more choices for buyers and, in some cases, easier mortgage approval ratings."
"Some bases are not being affected as greatly as others," notes Telish. "The largest bases will probably lose the most people, and the mortgage industry around those areas will likely be hit hard. Losing more than 3,000 families from an area almost instantly is not something the real estate market can ignore, especially when the bases are the only real job-providers in the area."
However, Telish notes that while this may be bad news for some, the mortgage industry in other areas is set to swell. "Every family that leaves a military base must go somewhere else to live. If those people return to areas where there is good job growth, those mortgage industries will continue to prosper."
Telish, on his interactive blog site, also notes, "The reduction of force at a base can also be good news for those who want to locate in the area. Many empty houses mean more choices for buyers and, in some cases, easier mortgage approval ratings."
About William Telish:
Telish is the owner of a mortgage company that has streamlined the complex application and approval process so that 70 percent of all loans are processed within seven days. Clients submit an electronic application on which an underwriter makes a decision within six hours if possible, and the loan is processed within seven days.
For More Information:
William Telish
23811 Aliso Creek Rd, Ste. 181
Laguna Niguel, California 92677
(949) 297-2092
Telish is the owner of a mortgage company that has streamlined the complex application and approval process so that 70 percent of all loans are processed within seven days. Clients submit an electronic application on which an underwriter makes a decision within six hours if possible, and the loan is processed within seven days.
For More Information:
William Telish
23811 Aliso Creek Rd, Ste. 181
Laguna Niguel, California 92677
(949) 297-2092