Encouraging Headlines on the Home Mortgage Front

I came across a couple of news stories that contained some good news on the home mortgage front, for a change. After a weekend of unbelievably bad news, any positive headlines are welcome.

The first, dated November 27, 2008, and published in The Sacremento Bee, titled "Homebuyers jump at falling mortgage rates" by Dale Kasler. The falling mortgage rates have led to potential homebuyers locking in rates, those on the fence to look in earnest and other homeowners starting to investigate a refinance. This won't help those who are behind in payments, although a workout may become more viable with lower rates. It does help reduce the glut of homes for sale on the market and maybe stablize falling home values. We can keep our fingers crossed. It is a step in the right direction.

Click here for the complete article.

The second, dated December 1, 2008, was published by MarketWatch (marketwatch.com) and captioned, "Record Number of Mortgage Workouts in October." According to Hope Now, an alliance of mortgage servicers, counselors and investors working to help homeowners avoid foreclosure, there were a reported 225,000 foreclosures prevented in October, 13,000 more than the previous record set in September. The workouts were a combination of loan modifications and payment plans. Hope Now reports that the number of modifications is up 24% and the number of payment plans is up 9.8% over the last three month.

In a separate release, mortgage insurer Genworth Financial stated it has helped more than 11,000 homeowners avoid foreclosure in the past year.

Click here for the complete article.


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Unknown said...

I agree! Good news about home mortgage loans is welcome, along with ANY good news about the economy! Thanks for the post.