Wednesday, July 28, 2010

HAMP Modifications Are Drying Up - Uh Oh?

I was reading over an article I saw on a proclaimed debt help resource for homeowners.

The article was on the stats and numbers pertaining to the HAMP modification performance to date.

I expected to see good numbers as I have been hearing good things amidst the never ending slue of finance blog posts that I read on the housing market.

At first I really did see some promising numbers. There was a few highlights to warm you up stating how much money everyone was saving through these modifications through Obamas homeowner help program.

Then the first data table looked pretty swell as well. At first but as I followed the dates down from May of last year to the turn of the decade and then the numbers just started to crawl.

The next data table was even worst in fact it was a bit horrifying. It was just month to month growth rates for the cumulative modifications and net new monthly modifications... it was bad. I almost want to believe those guys made the whole thing up... but he didn't.

I think the future is becoming bleaker suddenly and no one knows it yet.

I hope we are not as screwed as those damn data tables make me think we are.

At one point I thought maybe that the population of eligible homeowners was simply exhausted. This is not so. The Make Home Affordable Outreach effort are only increasing in intensity. More and more homeowners are being urged to check the basic qualifications of Obama's modification assistance program and to apply if eligible.