Is the Glass “HAFA” full or “HAFA” empty?

half full

 Will Hafa be a success or failure?

The National Association of Realtors has new numbers on existing home sales for the month of January and they are not good.

The First Time Home Buyer program is due to expire April 30, 2010. How many more months will it last. If home sales are down with the stimulus what will happen when the stimulus is no longer available to new home buyers.

FHA guidelines are changing and many people looking to buy are not going to qualify for FHA loans.

Unemployment continues to be the number 1 problem. If people do not find jobs more mortgage defaults are learching around the corner

Pre-foreclosure (Short Sales) and Bank owned (REO’s) represent 34-39% of all  home sales.  Yet buyers, agents that I talk to are all frustrated because pending sales are taking too long.

Short Sales can take anywhere from 6 months to a year to close.

On April 5, 2010 HAFA will go into effect. The question is “How many lenders will participate in the program?”  Will it streamline the process of Short Sales and Deed in Lieu or just be another beurocracy created by government.

We will have to wait and see if the glass is “HAFA” full or “HAFA” empty.

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