Lenders are still foreclosing on homes at a worrisome rate outpacing the Fed’s effort to stall the problem.
Since the HAMP program has started (Home Affordabilty Modification Program) processors have have worked with approximately 750,000 modifications, less than a mere 4% of these mod’s have become permanent.
Critic’s are calling the “mortgage program” a failure. Although not every foreclosure in the country can be prevented House Republicans and Democrats are urging the Treasury Department to do a better job of making the trial modifications permanent.
With next wave of mortgage resets to begin mid 2010 thru 2011 many believe that housing prices have further to fall. With the First Time Homebuyer Tax Credit to wind up in April uncertainty remains. Although, not all is bleak unemployment seems to be leveling off and with employment being a lagging indicator of an economic recovery any stability may signal the worst is over.
The Triangle area market has seen the median price of home prices drop over 2009, all eyes are looking to a spring market in 2010 with renewed optimism.