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Fast Facts: Recovering Housing Market

Fast Facts: Recovering Housing Market

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Published by: The Partnership for a Secure Financial Future on Aug 03, 2012
Copyright:Attribution Non-commercial


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August 2012To: Fast Facts List
“We’re past the bottom and slowly recovering.” 
 Mark Zandi
 , Chief Economist at Moody’s Analytics,
  Bloomberg ,July 19, 2012.
Recent housing data gives reasons for optimism in the mortgage market:
Average interest rates continue to be at historic lows.Rates have been under 4% for three months and
have been on a decreasing trend since March.
Housing vacancies declined to 2.1% in the second quarter of 2012 from 2.5% the previous year. 
Many homeowners who fell behind on payments during the crisis have received permanent solutions.Since 2007, the industry and government have completed over 5.57 million
mortgage modifications according to HOPE NOW data, including:
4.54 million permanent proprietary (industry) modifications
1.03 million permanent HAMP (government) modifications
Of the proprietary modifications completed in 2012:
Organizations such as HOPE NOW 
a voluntary alliance
between counselors, mortgage companies,investors, and other mortgage market participants
continue to help homeowners in distress stay in their homes.
Since 2008, HOPE NOW has hosted 133 events in over 60 major markets, including military bases.
In 2012, HOPE NOW has helped 300 military
service member homeowners through “on base events” at
Fort Jackson (SC) and Fort Gordon (GA).
HOPE NOW will continue targeted military outreach through the second half of 2012 with visits to: FortLewis, WA (09/27); Fort Hood, TX (10/16); Fort Lee, VA (10/30), Fort Stewart, GA (TBD); FortBragg, NC (TBD).
While there have been many improvements in the housing sector, many homeowners are still hurting.In the second quarter of 2012, over 380,849 foreclosure starts were filed and 2,522,441 mortgages were 60+days delinquent. 

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