Monthly Archives: March 2011

The End of HAMP?

In yet another blow to the government’s mostly-failed Home Affordable Modification Program (HAMP), the House plans to vote by the end of the month to cut off funding for the Obama administration’s main foreclosure prevention plan, according to Alan Zibel’s Wall Street Journal blog. In nearly 2 years, the program has assisted approximately 540,000 borrowers, […]

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North Carolina BPO’s Under Legal Scrutiny

In North Carolina, BPO’s (Broker Price Opinions) are done just like they are done in most states…by real estate agents for a fee of roughly $50-$75.  However, the North Carolina Association of Realtors has been spreading the word that this is in violation of state law. That’s right…according to David McGowan, NC REALTORS Director of […]

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Treasury Report: 1 in 4 Loan Modifications Approved

A new Treasury Department report shows that only 25% of HAMP (Home Affordable Modification Program) applicants were successful in getting their monthly payment reduced. The report was discussed in an article in the Wall Street Journal.  According to the article, almost 266,000 applicants were rejected because they either didn’t submit the necessary paperwork or it […]

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Foreclosure Sales Drop in 2010, but Market Still Lags

RealtyTrac just released its Year-End and Q4 2010 U.S. Foreclosure Sales Report™, and there was actually some good news…foreclosures represented a smaller percentage of sales (26%) in 2010 than in 2009 (29%).  However, the number was still higher than in 2008 (23%).  But the overall market also experienced a large drop (22%) in units sold […]

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Foreclosures Taking Loooooonger

507 days…that’s how long it takes (on average) for a home to go to foreclosure after the owner stops making payments, according to an article in the USA Today.  LPS Applied Analytics, a mortgage industry research firm, says that in December 2010 the nationwide average was 410 days, and that by January the figure had […]

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Is this Good-bye to Fannie and Freddie?

With the current budget deficit, it may not come as a surprise that the Obama administration has announced plans to phase out Fannie Mae and Freddie Mac.  According to an article by Realtor Magazine and available on Realtor.org, the White House has actually proposed multiple options to wind down the institutions. ▪ Reducing the size […]

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