buying a home

HAMP extended until Dec. 2013; HAMP’s Eligibility also Extended

The Home Affordable Modification Program (HAMP), one of the Obama  administration’s foreclosure prevention programs is extended until December 31, 2013. The extension of one of the administration’s foreclosure prevention programs was announced last Friday by Housing and Urban Development (HUD) Secretary Shaun Donovan, Assistant Treasury Secretary Tim Massad, and White House National Economic Council Director …

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From the Ashes of “House of Cards Collapsed”

During his recent State of the Union address, President Obama said these are  the facts: “In 2008, the house of cards collapsed. We learned that mortgages had been sold to people who couldn’t afford or understand them.” President Obama proposed a plan that would give responsible homeowners an opportunity to refinance their mortgages. As mortgage …

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Foreclosure Processing Timelines Continue to Increase, RealtyTrac Reports

The average days to foreclose is up to 348 nationwide; over 800 days in New York, New Jersey and Florida, this according to the 2011 year-end foreclosure report released last Thursday by RealtyTrac. A total of 2.69 million foreclosure filings – including default notices,  scheduled auctions and bank repossessions – were reported this year. The …

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Federal Reserve Board Pushes for Foreclosure Alternatives

In a white paper entitled “The U.S. Housing Market: Current Conditions and Policy Considerations” that was released last week, Federal Reserve Board calls for alternatives to foreclosures. “While the total stock of REO properties is difficult to measure precisely, perhaps one-fourth of the 2 million vacant homes for sale in the second quarter of 2011 …

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Home Prices & Mortgage Interest Rates Declines Result to Dramatic Housing Affordability

The combined decline in home prices and mortgage interest rates gives way to the dramatic improvement in housing affordability, this according to Fiserv Case-Shiller, a leading global technology provider serving the financial services industry. “Housing affordability has improved dramatically because of declines in both prices and mortgage interest rates,” David Stiff, chief economist at Fiserv, …

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