On June 23, a new round in the fight against foreclosure began for five states, including Arizona, California, Florida, Michigan, and Nevada. That was the day on which a $1.5 billion “Hardest Hit Fund” was approved for State Housing Finance Agencies in those areas.
The Home Stimulus Credit has already moved thousands of families into new homes, but this new plan will do even more to stabilize the market and offer relief to families unable to escape the housing downturn. Arizona, California, Florida, Michigan, and Nevada were the five states most vulnerable to foreclosures and other housing nightmares. In addition, the Housing Finance Agencies each submitted Hardest Hit Fund proposals to the Treasury on April 16, using data from the homeowners themselves. Each proposal was examined for compliance with the Emergency Economic Stabilization Act, and the Treasury also worked to provide performance and reporting metrics for each state. The actual date on which the plans will be put into effect varies based on a number of factors, including the types of programs and individual state procurement procedures.
Also in June, the U.S. Department of Housing and Urban Development, in cooperation with the Department of the Treasury, developed a “scorecard” to serve as a monthly record of the national housing market. The scorecard uses key indicators to show the impact of federal recovery efforts, such as the Home Affordable Modification program. The first edition showed that after 30 months of decline, home prices have leveled off, and expectations suggest they will continue to rise. More people are also taking advantage of mortgage restructuring, with the amount reaching 2.8 million Americans. Half of the homeowners who don’t qualify for HAMP modification were involved in an alternative restructuring.
The data suggests that responsible homeowners will continue to take advantage of these generous benefits, and the housing market will continue to rise from its recent depths.
Posted on July 13th, 2010 by admin
Filed under: Latest News