Lisa Simpson
Mar 8,2010
In: Foreclosures

The Majority of the Realtors Think that Hamp is not Containing Foreclosures

Majority of the realtors think that hamp is not containing foreclosures.

According to a survey conducted by Homes & Land the majority of the realtors think that HAMP is not containing foreclosures. Only 10% think otherwise. The firm is based in Tallahassee in Florida. Thousands of realtors were asked for their opinion about the local market conditions and the results of this survey were published in its Market Pulse Survey Report.
HAMP or Home Affordable Modification Programme was launched last year by the Obama government. Its target was to assist the borrowers threatened with foreclosure by modifying their loans. It had an ambitious target but reports coming from various quarters that only a negligible number of homeowner have benefited. The banks are being accused of intentionally delaying matters while the lenders are saying that the borrowers are not producing proper papers.
In an answer to the query whether HAMP “has reduced the rate of foreclosures in your market” a mere 10% answered in the affirmative. 65% replied in the negative and 25% said they were not sure.

Eric Adair of Homes & Land said, “Unfortunately, the data on the program to date and the responses from our survey show that HAMP has done little to help. Clearly respondents to our survey don’t believe this program is helping to reduce foreclosures.”
But in spite of this lack of enthusiasm for HAMP overall there is a note of optimism. The majority of the realtors are saying that more potential buyers are showing interest. Realtors admitting of increased buyer interest were noted in Arizona (71%), California (64%) and Florida (67%). The national average was 58%.

Home & Land said that most of the interest was centering troubled properties. 14% realtors said that most of their sales over the last one year came from foreclosed units but in Arizona, California and Florida the proportion was much higher.

41% of those surveyed believe that the prices of properties have gone down and reached the bottom. 36% are not sure that it has reached the lowest point. 23% are not sure. 47% of the realtors said a mere 0% to 10% of their customers had bought a unit making use of the tax credit offer during the previous three months.

Adair commented, “Almost 5800 Realtors and agents across the United States participated in the Market Pulse Survey. We will continue ‘taking the pulse’ of as many local markets as we can throughout 2010 to better identify trends and regional market conditions.”