Friday, May 31, 2013

Obama Administration Extends Making Home Affordable Program

U.S. Secretary of the Treasury Jack Lew announced today that Treasury is extending the Making Home Affordable Program for another two years. The new expiration date is now set for December 31, 2015.
The program offers help to homeowners through solutions including the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives (HAFA), and the Second Lien Modification Program.
As of March, an estimated 1.1 million struggling homeowners have received a permanent modification through HAMP.
The move aligns with the Federal Housing Finance Agency’s (FHFAextension for the Home Affordable Refinance Program (HARP), which was first announced in April.
Developing story.

Thursday, May 9, 2013

HomeVestors: Market Constraints Keep Housing from Another Bubble

Gains in home prices over the last year haven’t provided enough lift to offset the headwinds holding the recovery down—and that’s a good thing, says David Hicks, co-president of Dallas-based HomeVestors.

While reluctance from lenders, sellers, and appraisers has become something of a drag on sales and price improvements, Hicks asserts the market’s slow growth has kept the country away from another housing bubble.

“At the price point of the market we generally service, typically at or below the median price, securing a fair appraisal and financing are typically the major challenges our franchisees face when selling a property,” Hicks said. “Since we focus on ‘ugly houses’ that owners are anxious to sell, we’re not as affected by seller reluctance as is the general market. Everything our franchisees have for sale is selling quickly and in fact, the first quarter of the year was one of the best ever.”

You may continue reading this article at the link posted here: HomeVestors: Market Constraints Keep Housing from Another Bubble

Thursday, May 2, 2013

We Want Our Clients to Know the Facts Behind the Numbers!

While some might be rejoicing at the recent rising home prices and rising home sales seen across the nation, Fitch Ratings “still views these gains cautiously.” In fact, the agency predicts price gains will slow and perhaps even reverse over the next year.

Fitch expects a price “trough in the middle of 2014” but suggests inflation will keep prices from falling more than 3.5 percent.
“While rising prices and sales volumes suggest a recovery, they are not moving in sync with key economic indicators that would otherwise support a sustainable price level,” Fitch stated in its most recent quarterly report.
Fitch points to unemployment as one of these “key economic indicators.” Unemployment has declined from its high of 9.9 percent in 2010 to 7.7 percent.
However, the bulk of this decline is the result of fallout in labor force participation, not an improving employment situation, according to Fitch.

If you would like to continue reading this article, please click on the link posted below.