The remnants of the most recent recession seem to have withered away, and even while millions of Americans are without a job, the increase in housing investments and job availability gives the United States a hope for the near future.
In the difficult business of debt collections, the housing market has a significant effect, and any positive news in builder confidence or home buying is a great sign for the industry. While it may seem like a debtor is acting evasively while constructing or building a home, a debt collector should see a debtor's home investment as a step in the right direction. A debt collector may have patiently waited for their debtors' payments for weeks or months at time, but if they are acquiring or building a new home, it means they have finally gained the financial flexibility to invest in property and quite possibly, they may soon be able to pay off debts. In the months leading into and following an investment of a home, a debt collector should be patient with a debtor and give them ample time to recover financially. A 20-percent down payment on a $500,000 home is $100,000. For the average American, this is an extremely heavy investment, and they may need to sacrifice a few luxuries to get their bank accounts back up to speed. However, just because the debtor gets your sympathy, it doesn't mean they can walk all over you. You should expect your payment just as soon as they are able to pay. Get the credit reports of a debtor to keep track of their non-essential acquisitions and make sure they aren't buying expensive items instead of paying you. The purchase of an Xbox or extra television can be viewed as non-essential, and if this were the case, you could file a bad credit report claim to their credit agency. According to the United States Department of Commerce, privately owned housing volumes in December of 2011 totaled 657,000, a 131,000-home increase from December of 2010. The recent boosts in the workforce and housing markets could be a sign of things to come in the coming two years and debt collectors should aim to increase their collection efforts toward debtors who have recently received a new job or completed a home investment.