The Housing Forum

Today, the non-profit credit counseling agency, CredAbility, announced its support of the findings of two HUD studies. The outcome of the studies is a validation of the true value provided by HUD-approved housing counselors.

CredAbility is one of the leaders of the credit counseling and education industry in the US. They currently serve clients in every state in the US, as well as Washington D.C., the US Virgin Islands, Puerto Rico and Guam. They provide services to both Spanish and English speakers.

HUD Study Statistics

Just last week, the US Housing and Urban Development Department, also known as HUD, released the results of the two reports. They were on how the HUD-approved housing counseling impacted first time homeowners and distressed homeowners facing foreclosure. Both studies showed that those that received counseling increased their chances of staying in their homes.

The study focused on both foreclosure counseling and pre-purchase counseling. Those who were enrolled in the counseling services from the fall of 2009 through the early part of 2010 were included. It was found that 35 percent of pre-purchase counseling participants became first time homebuyers within 18 months of enrolling in the program. Of all these buyers, only one became delinquent on the monthly mortgage payments.

The foreclosure counseling studies showed that 70 percent of distressed homeowners who received counseling were able to avoid foreclosure through mortgage remedy solutions. 56 percent were able to catch up on their mortgage payments, becoming current and getting out of their default statuses. CredAbility clients were also included in these studies.

Continue reading ‘HUD Releases Statistics on HUD-approved Housing Counseling’ »

Edward DeMarco is refusing to make moves that could actually speed up the housing recovery process in the US. The head of the FHFA (Federal Housing Fiance Agency) is believed to be a major key in solving the issues in America related to the continuing foreclosure crisis. His efforts could be important in stabilizing the housing market across the country by assisting millions of distressed homeowners in order to avoid foreclosure.

This is a very urgent need that needs to be addressed now, more than ever before. Our housing market is continuing to see “small glimmers of hope”, but still, the crisis exists. Statistics show that the current rates of mortgage delinquencies are decreasing, but at a very slow pace. And, even with the decreases, the amount of foreclosures is still about three times what they were before the housing market collapsed.

Continue reading ‘FHA Official Moves Forward to Help Distressed Homeowners’ »

Just days ago, HUD issued a $56 million dollar funding award to 76 different tribal communities in the US. This grant will help them improve the conditions of their housing communities, while promoting development. This was done in the hope of improving their local economies by providing jobs through real estate construction projects. The program being awarded the grant is called the Indian Community Development Block Grant (ICDBG) Program. It’s purpose is to help develop more affordable housing that will be established for low-income to moderate-income families within the communities.
Continue reading ‘HUD Grants $56 Million for Native American Affordable Housing’ »

The real estate collapse in America has brought about some interesting things which will live on, and culturally effect generations to come. From the redistribution of wealth to the legislative changes in the banking sector, real estate has become something very different from the what the norm past used to be. In particular, multi-generational residences have become very popular. This goes beyond the typical reality nowadays of college graduates perpetually living at home. Now, the typical household can consist of three, sometimes even four different generations of family members. Continue reading ‘Multi-generational Homes are the New Norm’ »

Earlier this year, FHA announced a new rule that extended their “anti-flipping” rule waiver. This waiver, which is extended throughout 2012, allows buyers to flip homes financed under an FHA-insured mortgage. The hope was that this would help to encourage buyers and investors to buy more of these foreclosed homes. This, in turn, would help to get many of the REOs off of the banks inventory lists, while helping many distressed homeowners avoid foreclosure. Continue reading ‘House Flipping is Back’ »

Today, the nonprofit group known as National Fair Housing Alliance filed a discrimination complaint against the mortgage lender, Wells Fargo. The complaint was filed with the US Department of Housing and Urban Development, better known as HUD. This complaint to the US government accused Wells Fargo & Co. of failing to maintain the upkeep of home that were foreclosed on in minority communities. They allowed the abandoned properties to become run down and turn into community eyesores. According to the complaint, foreclosed properties that were left vacant in predominantly white neighborhoods were not left in such a disgraceful manner. These vacant properties have been maintained in away that doesn’t make the communities look bad. Continue reading ‘New Complaint Filed Against Wells Fargo’ »

Bank of America, one of the leading mortgage lenders in the US, has announced a new pilot program called “Mortgage to Lease.” The program is expected to be an answer to distressed families being evicted after foreclosure. Under this program, about 1,000 foreclosure victims in Arizona, Nevada and New York will be selected to remain in their homes after foreclosure as renters. Continue reading ‘BofA “Mortgage to Lease Program” Slows Foreclosure Evictions’ »