Millions of Homeowners Could Receive Housing Aid

By Mike Colpitts Struggling to keep their housing rescue efforts alive, a senior Obama administration official admitted the administration has more work to do to help the growing number of homeowners at risk of foreclosure before a gathering of state housing finance agency officials in Washington. Michael Barr, the Treasury’s assistant secretary of financial institutions… Continue reading Millions of Homeowners Could Receive Housing Aid

Signs of Improvement

By Kevin Chiu The second home-vacation market, long slowed by the housing crash is showing signs of improvement amid growing buyer interest. It appears a rebound of sorts is developing in many vacation markets. The real first sign of improvement in the second home market developed in Miami, where bargain hunters are picking up some… Continue reading Signs of Improvement

Tax Credit Losing Momentum

By Kevin Chiu First time home buyers are being credited $12.5 billion in government tax credits, according to the Treasury Department. But the federal tax credit with the expansion of the program to move-up home buyers is losing momentum, a Housing Predictor analysis shows. A boom to first time home buyers and real estate agents… Continue reading Tax Credit Losing Momentum

5 More States Get $600-Million in Housing Relief

Bowing to political pressure and rising foreclosures, the Obama administration is allocating $600-million more in mortgage rescue relief efforts to five additional states. The program provides funding for Ohio, North Carolina, South Carolina, Rhode Island and Oregon. The administration’s move comes just five weeks after allocating aid to the five worst affected states in the… Continue reading 5 More States Get $600-Million in Housing Relief

Mortgage Refinancing Program Extended

Hoping to improve its housing rescue efforts, the White House announced plans to extend its refinancing program for another year in order to give homeowners at risk of losing their homes or under water more time to refinance mortgages. The “Home Affordable Refinance Program” is a key component of the Obama administration’s efforts, expanding access… Continue reading Mortgage Refinancing Program Extended

Saving Homes Program Inevitable

The housing foreclosure rescue program developed at the height of the Great Depression saved millions of homeowners from foreclosure. Nearly 40% of all mortgage holders applied for the program, half of whom were granted help through the plan. A similar program may be in the works today. The Obama administration has delayed a decision on… Continue reading Saving Homes Program Inevitable

Affordability Reaching New Highs

By Kevin Chiu It’s no secret homes cost less to buy these days. But one of the oldest affordability indexes in the industry is at the lowest level in its history. As home prices decline in the majority of markets, affordability is increasing for wannabe homeowners at near record levels. Bolstered by low mortgage rates… Continue reading Affordability Reaching New Highs

Battle Brewing over America’s Money Pit

By Mike Colpitts A battle is brewing in Washington, D.C. over the fate of America’s biggest money pit, Fannie Mae and Freddie Mac, the nation’s two largest purchasers of home mortgages. The White House is quietly using the two companies as part of its housing rescue plan to cover an unlimited amount of mortgage losses… Continue reading Battle Brewing over America’s Money Pit

Senator Calls for Expansion of Homeowner Relief

A U.S. Senator is asking President Barack Obama to expand his administration’s mortgage relief program. Sherrod Brown (D-Ohio) is the first member of the senate to request an expansion of the $1.5-billion bail-out program to include his home state, which may signal an increase in the plan even before it gets off the ground. The… Continue reading Senator Calls for Expansion of Homeowner Relief

Homeowner Bail-Out Moves Forward

By Kevin Chiu The $1.5-billion government bail-out plan targeted to save homeowners from foreclosure in the worst impacted states will be handled by local housing finance agencies working in conjunction with the Treasury Department. A formula will be designed to allocate funding in each of the state’s most harshly affected areas, according to a White… Continue reading Homeowner Bail-Out Moves Forward