A survey conducted for a consortium including the Certified Financial Planner Board of Standards, Financial Planning Association, Foundation for Financial Planning, and the U.S. Conference of Mayors revealed that at least one in three Americans if handed a pink slip would not be able to pay their mortgage for more than one month. Sixty-one percent [...]
The National Association of Realtors® reported a drastic drop in existing home sales in July. Sales fell by 3.5% month-over-month to a seasonally adjusted 4.67 million units. The one piece of good news is that compared to last year at the same time the 2011 July figures are 21% higher. The drop was attributed to [...]
Bad news for home values: the national unemployment rate for June edged up to 9.2%. Just 18,000 jobs were added during the month. Private employers added only 57,000 jobs during the month while government entities let go 39,000 workers. The fact that new hiring has remained flat for the past two months after average gains [...]
With no end in site for high rates of unemployment the government has extended benefits to unemployed homeowners with mortgages that are going unpaid. A HUD press release dated July 7, 2011 that notes servicers will now be required to extend forbearance from foreclosure to 12 months for those who remain unemployed. The current minimum [...]
The nation experienced the first rise in unemployment since November with the publication of April’s figures. The Labor Department reported that unemployment rose from 8.8% in March to 9.0% in April.
The National Association of Realtors® tend to be optimists when it comes to predicting the return to health for the housing market. The March existing home sales gave NAR’s chief economist, Lawrence Yun, a reason to cheer as sales rose 3.7% month over month as the spring buying season picked up steam. Because existing home prices have risen six of the last eight months the NAR believes that the housing market is on track now for recovery.
March. That brings the unemployment rate down from 8.9% to 8.8%. The bad news is that 13.5 million people are still out of work and 45% of this group has been unemployed for 27 months or more.
The housing market is noticeably absent from the gradual improvements that the Federal Reserve sees as occurring in the economy according to the Fed’s regular FOMC report issued March 15.
The Congressional Oversight Committee (COP) issued its final report on the Troubled Asset Relief Program (TARP). The report concentrates particularly on the efforts as loan mediation through HAMP and other foreclosure programs.
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