Author Archives: Katerina Gasset
Author Archives: Katerina Gasset
A recent article by Carrie Bay for DSNews published on March 24th, 2011 stated a survey has found that nearly half of economists see a double-dip in home prices happening before year-end. 111 economists and real estate experts were polled and none of them foresee property values recovering for at least five years. The following is an excerpt from this article,
“The survey was conducted by New Jersey-based MacroMarkets, which was founded by Robert Shiller, real estate sage and namesake of the closely-watched Case-Shiller Home Price Index.
‘Overall, the sentiment among our expert panel regarding the U.S. housing market outlook continues to deteriorate,” Shiller said. “Now they are expecting only a weak recovery, and even that is not until 2013.’
Shiller added, ‘This uninspiring view must be influenced by the persistently weak market fundamentals – high
unemployment, supply overhang, an unabated foreclosure crisis, and constrained mortgage credit.’ ”
Just a few months ago, in December 2010, a similar survey showed only 15 percent of economists predicting a double-dip. Terry Loebs, MacroMarkets managing director gives insight in the DSNEws article,
“Loebs believes many more experts are now projecting a double-dip after witnessing what he describes as “the double-dead cat bounce” that came in the wake of expired government stimulus programs, namely the homebuyer tax credits.
The half of the panel that’s forecasting a new low for home values may not be too far off base.
Loebs notes that after weak performance in the last quarter of 2010, actual home prices at the national level are now less than 1 percent away from establishing a new post-crash low, and several firms that conduct regular price studies have already warned that the numbers are edging dangerously close to double-dip territory.”
For more information on affordable and available homes in Charlotte NC Metro & Surrounding Areas.
Nancy Braun, Owner & Broker-in-Charge of Showcase Realty, LLC, speaks with FOX Charlotte’s Israel Balderas about the option of Short Sale.
In an article by Jon Prior published in HousingWire yesterday, of 100 Bank of America mortgages that have reached 60 day delinquency sampled, only 14% qualified for the HAMP program. The following is an excerpt from this article.
“The Home Affordable Modification Program came under fire at the end of February from lawmakers claiming it has caused more harm than good. Even those defending the program say it will not reach as many borrowers as originally thought. The House Financial Services Committee will debate a bill aimed at terminating the program two years before it set to expire.
Through January, participating mortgage servicers permanently modified roughly 600,000 loans, far short of the 3 million to 4 million estimated by the Treasury Department when HAMP launched in March 2009.
BofA monitored the 100 loans as they went through the HAMP waterfall. In the first phase, 28 loans fell out of the program because the bank could not get in touch with the borrower, according to a presentation for investors held Tuesday.
“We conduct extensive outreach activity to these including 110 phone calls and eight customized letters,” BofA Executive Vice President Terry Laughlin said, “in addition to door-knocking in hard hit markets and hundreds of outreach events across the country.”
Of the 72 borrowers that did provide financials to BofA, 52 did not pass the HAMP underwriting guidelines. Roughly half of those that did not pass already had mortgage payments at or below 31% of their monthly income. Another 23% did not have enough monthly income to qualify, and 17% did not submit their hard ship documentation.
Then, of the 20 that made to a trial stage, 14 completed the trial process by making three consecutive mortgage payments under the new terms.”
For help with HAMP or HAFA contact Showcase Realty.