Categorized | Residential

Housing Market in United States Remains Delicate

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While current homeowners certainly are benefitting from the changes made to HARP, now known as HAMP, recent data regarding the housing market indicates that the market is still in a state of fragility.

Roughly twenty-seven thousand homeowners were able to reduce their mortgages and mortgage rates through the program in the last reported month. That number is slightly less than the government had hoped, though they do believe that the number will increase in the coming months.

While HAMP, which known stands for the Home Affordable Modification Program, has been vastly improved, many officials believe that more can be done to help the housing market get back on its feet. HAMP has yet to win one million permanent mortgage modifications, and thus, it hasn’t even reached twenty percent of its target number of modifications as established by the Obama administration.

The Federal Reserve has been increasingly critical over the government’s lack of assistance with respect to the housing market. Officials from the Federal Reserve believe that the government must take serious actions to drive more growth in the weakened housing market.

With more foreclosures set to come in the early part of 2012, many analysts worry about the housing market’s overall wellbeing. They are calling the housing market delicate, as they feel it may fall apart at its seams if the right corrective interventions are not taken.

The majority of predictions from analysts have overwhelmingly indicated that 2012 would be yet another tough year for the housing market, particularly with the wave of foreclosures and the lack of government intervention. However, 2013 is expected to be the year that finally brings some improvement.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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