Foreclosure Mitigation Programs Colorado Springs
As the house of representatives conducted a hearing targeted at ending four government programs that were created to help distressed borrows, the housing market in Colorado Springs, Colorado may be at a tipping point.
Many argue the four government programs : The Home Affordable Modification Program (HAMP), HUD’s Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Refinance Program, and the Emergency Mortgage Relief Fund have done little more than stall the housing recovery. I can say that in Colorado Springs the HAMP program has helped many home borrows avoid foreclose. The anecdotal evidence from my colleges is endless. I can also say that in the hundreds of REO properties I have marketed in Colorado Springs for institutional seller’s I have 1 home that the Neighborhood Stabilization Program has even looked at, and they have purchased none.
During the house hearing it was noted that HAMP(Home Affordable Modification Program) has spent $840 million to date and congress has appropriated $7 billion for the Neighborhood Stabilization program. In Colorado Springs it would appear the HAMP program has helped more than other programs. But when Colorado Springs Houses sit vacant for months on end while their outcome is decided in a short sale or situation it has a negative impact on the housing market.
The best person to take care of a home is somebody who owns it and lives in it and has pride in it. If the House of Representatives and Congress change their tune on foreclosure mitigation and the banks get their ‘robo signing’ act together we may see a pick up in the stalled housing recovery in Colorado Springs simply because professional agents will be able to move the homes quicker.
A recent survey by Equi-Trax revealed the majority of short sales take four or more months to complete, according to Realtors who responded to the survey, and many take seven months or more. Moving homes quicker will ease the pricing pressure from distressed properties that we are feeling here in the Colorado Springs area. February 2011 home sales in Colorado Springs were down 21.7% from 2010 but the median sales price was up 4.67%. I offer my interpretation of those numbers.
The pricing really wants to stabilize we have been seeing that for a few months now, but transactions are down. Transactions are down because lending has tightened and many of the homes that people want to buy are stalled in short sale negations or sitting in limbo between short sale and foreclosure in a loan modification situation. If we can get these homes sold quicker we may see a real Home Valuation housing recovery.
Eliminating some the foreclosure mitigation programs, or streamlining them to be more efficient might hurt some home buyers but it might help the housing recovery as a whole by getting homes sold quicker, and thus letting the market do what it really wants to do which is stabilize and recover.
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