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Housing Help Failures

By
Real Estate Agent

There is a great article which came out this morning on www.nasdaq.com.  It is titled, "The Housing Help Fiasco."  The piece addresses ineffectiveness of the trillions of dollars which funded programs like HARP, HAMP, foreclosure delays, mortgage write-downs, debt forgiveness and other methods. Also included is a graph that demonstrates that homeownership has been taken back to the 1980s level.

Most real estate professionals are aware of the efforts that went into homeowner rescue attempts, after the housing meltdown of several years ago. And, many are aware of the failures in that regard!  This is a good read which addresses not only the failures, but also how we are rapidly moving toward becoming a nation of renters.

The article can be accessed via: "The Housing Help Fiasco"

 

Posted by

Myrl Jeffcoat ActiveRain Signature
  

Comments(27)

Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

And for people it did help, some of them who refi-ed under these programs got a credit hit akin to a foreclosure because they could not "pay as agreed."  The market should have been left to recover on it's own devices.   We would be no worse for the wear.

Jun 24, 2015 05:46 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

 Myrl, Thanks for the link to this article and i will go back and read it completely when time allows. I will bookmark this post. 

Jun 24, 2015 05:50 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Thanks for the link, Myrl.

Here is a link for you: https://www.facebook.com/groups/karespurplericeeaters/

It is where I purchase that purple rice powder, with more information on what they say it can do.

Jun 24, 2015 08:41 AM
Yolanda Cordova-Gilbert
Richmond, TX

Myrl,

 I have bookmarked for a later read as I must finish comments and must go lock up a home a get the homowner to leave!

Jun 24, 2015 09:11 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Myrl- just finished reading the article.  Government in action. 

Jun 24, 2015 10:32 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

All - Thank you for your comments.  I continue to remember the haste bank bailouts were rolled out in.  The government literally through money at them to keep us from going over the financial abyss.  The worst part of it - There were few strings attached.  In the end, the country was victimized twice.  Once by the free wheeling that led to the meltdown, and then  by the absence of of meaningful help for troubled homeowners!  The banks had their money to make them whole once again, and were able to grab distressed properties, rather than doing the right thing by implementing the help programs proficiently! 

Jun 24, 2015 01:37 PM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Myrl, Good comment above about this situation. Many of these government programs are loaded  with theft and malfeasance. 

Jun 25, 2015 06:35 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Myrl

Thanks for sharing the link to the article.

Good luck and success.

Lou Ludwig

Jun 25, 2015 12:41 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

When government steps in the natural course of things goes awry. We all know this. The tax credit didn't help either.

Jun 25, 2015 10:34 PM
Roy Kelley
Retired - Gaithersburg, MD

Thanks so much for your comments on my blogs.

Have a great day and an outstanding weekend.

Jun 25, 2015 10:40 PM
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Myrl Jeffcoat ~ I've bookmarked this post so I can go back and read the article you linked... I hope this country turns it around and becomes more of a home owning country verses one that rents... Done right, home ownership builds wealth

Jun 26, 2015 06:42 AM
Yolanda Cordova-Gilbert
Richmond, TX

Myrl,

 The day I have had I need some good Napa wine or any wine for that matter LOl I will blog about it later!

Jun 26, 2015 09:31 AM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

A nation of renters....  

Jun 27, 2015 03:19 AM
Yolanda Cordova-Gilbert
Richmond, TX

Myrl,

 I hope all is well with you I am going nuts waiting for buyers!

Jun 27, 2015 07:58 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Myrl,

Thanks for the articles, I'm bookmarking! Jon Kolsky is right..Done right, home ownership builds wealth. Sussie Sutton portrays the perfect visual for her statement A nation of renters....  Our country has so diverted from what our country has been founded on..its sad!

Jun 27, 2015 08:52 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

And it's not over. Not by a long shot. Almost 50% of all homes in Sacramento are still underwater according to Zillow. There are thousands of poor souls who attempted loan modifications and found out all too late that those are not the saving grace they hoped. Except now many banks no longer have any interest in short sales so the only thing these guys can do is walk away -- and you know what that will do to Sacramento! Oy, enough to weep over.

Jun 28, 2015 02:21 AM
William Johnson
Retired - La Jolla, CA
Retired

Hi Myrl Jeffcoat , Remember this ? " I am here from the government and I am here to help you". Sadly, so many actually believed it.

I think this is  a must read link and I fully intend to do so. Thanks for sharing.

Jun 28, 2015 02:22 PM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Meryl,  thanks for sharing this interesting article. Few understood the devilish details of some of the programs.

Jun 28, 2015 03:16 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Myrl the devil is always in the details and the Government has never truly helped...rather it reminds me of when you take medicine cures one thing but causes five other side effects:) Endre

Jun 29, 2015 03:42 PM
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Excellent link, Myrl Jeffcoat .  And he hit all the points.  Hope you tweeted it.  I did. 

Jul 04, 2015 09:38 AM