Housing Market Recovery Is On Shaky Ground
The predicted recovery in the housing market is in dangerous territory.
CNN report that an increasing number of people are defaulting on their home loans. This comes just when many people have started to see daylight.
Is your home loan payment in hot water?
President Obama’s landmark foreclosure support and rescue program is apparently, also in troubled waters. The Home Affordable Modification Program, known as HAMP has seen only 36,695 troubled homeowners received long-term mortgage modifications in July. Only 434,717 borrowers have successfully made it through the trial phase.
Last year in the second quarter 3.31% were late, elevating to 3.51% this second quarter. This data has been revealed by the Mortgage Bankers Association. Short-term delinquencies were in steady decline during 2009.
The recovery in the job market has not been as expected. In fact there has been a recent new wave of job losses. People are not able to make their mortgage payment without a paycheck.
The housing market and mortgage situation can’t improve when the labor market founders. More bad news. New home construction is down on a year-over-year basis, new home starts dropped 7% from July 2009 and permits were down 3.7% from the same time last year.
A new wave of potential mortgage foreclosures threatens homeowners.
“Your greatest armor against losing your own home is a thorough understanding of what mortgage foreclosure is all about and how to avoid it.”
Underwater mortgages are common and borrowers should check out some of the resources available in this and other sites to protect their assets.
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