Category: Housing Market

Millions of Homeowners to Get Housing Relief Money

The U.S. government’s program to bring relief to homeowners in jeopardy of foreclosure is designed to bring tailor made solutions to the 10 states in the program. The plan, known as the Hardest Hit Fund (HHF) is being administered through the Troubled Asset and Relief Program with $2.1-billion for homeowners in distress. White House officials… Continue reading Millions of Homeowners to Get Housing Relief Money

Under Water Mortgage Borrowers Rescue on the Way

By Mike Colpitts In a new effort by the Obama administration millions of under-water home mortgage borrowers may be helped. The FHA program will provide refinancing on homes at least 10% under their worth, and could establish a new cornerstone in White House efforts to stem the growing foreclosure epidemic. The program demonstrates a major… Continue reading Under Water Mortgage Borrowers Rescue on the Way

White House Moves Against Bankers

In the first indication that growing public complaints are affecting White House policy in relationship to its housing rescue plan, the Obama administration is moving against bankers. The Treasury Department’s TARP chief Herb Allison announced new protections for homeowners who are in the mortgage modification process. The Troubled Assets and Relief Program chief made the… Continue reading White House Moves Against Bankers

Home Sales Decline Slightly

Sales of existing homes fell slightly in February for the third month in a row, according to the National Association of Realtors. The drop was only 0.6 percent nationally to a seasonally adjusted rate of 5.02-million units. The decline in home sales demonstrates the slowdown in the housing market persists, despite government programs to re-ignite… Continue reading Home Sales Decline Slightly

Record 7.5 Million Homes in Default

More than a record 7.5 million residential mortgages are delinquent or in foreclosure, and one million other properties are either banked owned or are waiting to be resold, according to Lender Processing Services, Inc. the nation’s largest provider of mortgage data. The February report shows historic numbers, but also indicates that the pace of deterioration… Continue reading Record 7.5 Million Homes in Default

Housing Relief Gaining Momentum with Expansion of Efforts

Acknowledging that its housing relief rescue mission has been slow to respond to the foreclosure crisis, the government is expanding its efforts “to more effectively combat the ongoing effects of the housing crisis.” A new initiative announced by Housing and Urban Development (HUD) Secretary Shaun Donovan seeks to find more ways that help local communities… Continue reading Housing Relief Gaining Momentum with Expansion of Efforts

Worst is Over as Housing Deflation Peaks

Despite an on-coming wave of foreclosures, the worst is behind the majority of U.S. housing markets, according to a new assessment by Housing Predictor. Real estate deflation has been the worst in three states, topping 75% in the hardest hit markets of the country. But it has begun to slow as a result of a… Continue reading Worst is Over as Housing Deflation Peaks

Dirty Money Sealed Dodd’s Fate

By Kevin Chiu Embattled U.S. Senator Chris Dodd, the chairman of the senate banking committee, released his financial reform package at a press conference and it appears it will be one of the last significant actions the Congressmen will be making in Washington, D.C. Dodd, who announced late last year he will not be seeking… Continue reading Dirty Money Sealed Dodd’s Fate