Making Sense of Making Homes Affordable Program, Part 4 of 4
Can the Southern California real estate market depend on it?
Over the last several weeks we’ve analyzed the Making Home Affordable Program and how it has impacted the homeowner and real estate market. In this final post of the series, we talk about how the program has impacted Southern California specifically.
We reported back in May that foreclosures pushed California property values down 37%. Since March when the Making Homes Affordable Program launched, property values have crept back up only 2.6 %.
Like we reported in August , there are fewer Notices of Defaults showing up and homes are selling quicker reducing the number of bank owned homes on the market. These factors are causing a rise in home values – good news for sellers.
Is it the Making Homes Affordable program that created this small boost? Is it the natural evolution out of the recession?
Housing and Urban Development
Experts say it is both unemployment and unaffordable home loan payments that drove the problems with real estate, and it will require improvement on both fronts before a significant difference is seen within the housing market, which we are, surely but slowly, seeing.
If you are unemployed or have found yourself struggling to make your home loan payments, don’t give up on the HAMP and HARP programs or your future as a homeowner. There are reputable financial counseling organizations such as the Home Ownership Preservation Foundation, which provides one-on-one counseling to homeowners in need of help and considering foreclosure. They provide resources and advice on next steps.
Oak Tree Realty Group may be able to help too. To learn more about the Making Homes Affordable Program and how it has impacted Southern California home loan trends, contact Oak Tree Realty Group and speak with one of our specialists.
RSS
Twitter
Facebook
