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Market News and Trends

New mortgage relief program


The Austin American-Statesman included this article this morning detailing the new, expanded mortgage relief program:

U.S. revamps program to aid those in mortgage trouble

Approximately 6 million homeowners nationwide have missed at least two mortgage payments, and as many as 10 to 12 million foreclosures are possible in the next three years.  Under the mortgage aid program that has been in effect for the past year, only 170,000 have successfully completed mortgage modifications.  A large percentage of homeowners who began that process defaulted again, sometimes missing the first payment on their newly modified mortgage loans.

Of course, I hope as many homeowners as possible can find ways to keep their homes, and a flood of heavily discounted foreclosures will drive property values down.  However, I am concerned that this program may have the unintended effect of making this recovery process take longer than it would if we just let the market correct itself.   Will a smaller flood over a longer time be better, or worse?  Time will tell.

About Bill Morris, Realtor

Many years of business experience (high tech, client service, business organization and start-up, including 18 years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs. Learn more about my background and experience, my commitment to my clients, my profession, and to the real estate industry at CentralTexasHomeSearch.com.

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