More borrowers escaping from negative equity

Houston real estate could benefit greatly from these recent developments.A recent increase in nationwide property values helped an estimated 1.3 million homeowners escape from under the thumb of negative equity in October, according the Obama Administration's latest Housing Scorecard.?This improvement may have been caused, in large part, by activity from the Home Affordable Modification Program. Since going into effect in 2009, HAMP has helped approximately 1.3 million borrowers restructure their home loans into more favorable terms.”As the October housing scorecard indicates, our housing market is continuing to show important signs of recovery – with the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010,” said HUD acting assistant secretary for policy development and research Erika Poethig.Meanwhile, it's now clear that HAMP has a long lasting impact on the performance of mortgages, as 86 percent of borrowers who received a modification have remained current on payments.Houston real estate could benefit greatly from these recent developments. Although mortgage delinquency and foreclosure activity in the area has remained muted so far this year, those borrowers who do fall on hard times can rest assured that they have options.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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