Homebuyers are facing competition from all-cash buyers on top of rising home prices and low inventory. Such cash buyers include foreign investors and baby boomers with sufficient equity. Tips to compete with these buyers include getting pre-approved, making a competitive bid, considering properties that might be overpriced, and freeing up additional cash.
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Nearly half (46 percent) of homeowners who received assistance with their mortgage in 2009 through the government’s Home Affordable Modification Program (HAMP) redefaulted on their mortgages, while 38 percent who received loan modifications in 2010 have done so, according to a report by the Office of the Special Inspector General for the Troubled Asset Relief Program.
According to Christy Romero, the special inspector general for the Troubled Asset Relief Program, the Treasury failed to analyze its own data to determine which borrowers were most at risk of losing their homes to foreclosure after receiving government support.
Homeowners in default on loans held by banks or investors can apply to their mortgage servicer to reduce their monthly payments. Under HAMP, investors, servicers and homeowners are all eligible to receive incentive payments to make the loan more affordable.
In all, just 865,100 homeowners were active in the HAMP program as of April. Of those, 10 percent have missed one or two payments but have not yet redefaulted. The overall redefault rate is 26 percent. More info
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Generational Trends: Younger Buyers More Optimistic
While eight out of ten recent home buyers say their recent purchase was a positive financial investment, the number is even higher for younger buyers under the age of 32, as 85 percent felt confident about their recent home purchase. Such generational trends were explored in an inaugural study from the NATIONAL ASSOCIATION OF REALTORS®. Younger buyers cited honesty and trustworthiness as the most important traits they were looking for in a REALTOR®.
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