Thanks to recent data that was released by HOPE NOW we know that 181,000 homeowners across the United States have received some sort of permanent modification of their mortgage loans from July through September of this year.
Breaking down The Numbers
Out of the 181,000 completed loan modifications from the Q3 of 2013, close to 140,000 of those loan modifications were proprietary loan modifications and 45,136 homeowners received their loan modifications thanks to the Home Affordable Modification Program (HAMP).
Homeowners Getting Back On Track
There’s no denying that homeowners took a huge hit after the Real Estate market crashed in 2007 but one of the encouraging statistics that HOOPE NOW has showed us is that because of the HAMP program, there have been close to 7 million permanent loan modifications; 5.4 million of those loan modifications were proprietary and 1,268,635 were completed under the HAMP program. That’s millions of homeowners who would have lost their homes due to short sale or foreclosure had it not been for some type of loan modification.
Short Sale Statistics
In Q3 of 2013 there were also close to 70,000 short sales across the United States and 19,000 of those were finalized in the month of September alone most likely because of the urgency that underwater homeowners felt at not being able to benefit from the mortgage debt forgiveness act should it expire on 12/31/13.
Foreclosures Starts Declining
More good Real Estate news to report is that foreclosure starts were down by ten percent in Q3 when compared with Q2.
As we move into the final weeks of 2013 the Real Estate market continues to remain strong in Bend Oregon and across the United States as homeowners who continued to hang on over the last six years are finally able to rebuild equity in their homes while home buyers who sat on the sidelines have been able to finally purchase the homes of their dreams.
For more information on the 2013 Real Estate news, or to view the latest Bend Oregon Homes for Sale, contact me today by calling (541) 383-1426.