A big driver of recovery and collection has always been debtors tapping the equity in their homes to satisfy and settle debts to sureties and fidelity/crime carriers.
There is good news on that front! A recent Wall Street Journal report lists several key takeaways for our industry:
- Overall home prices in the U.S. rose 9% in 2020 to an average of $296,500
- Home prices in the South rose 7%
- Home prices in the Midwest rose 6.4%
The primary drivers: Low mortgage rates and millennials moving into their prime homebuying years.
Economists say that the housing market is less risky than the boom 14 years ago.
The last time K&F experienced this phenomenon, we saw significant growth in five and six figure settlements across all lines that we service. Sureties and fidelity/crime carriers should not wait.
The concentrated, intelligent and professional pursuit of recovery and collection should begin ASAP for ripe claims.