Obama administration efforts to revive housing include an $8,000 federal tax credit for first-time buyers who complete the transaction before Dec. 1, 2009. The government is now trying the best to regain the economical boost. So, for that the US government is offering lenders some incentives to modify the terms of delinquent mortgages, and the Federal Reserve is buying mortgage-backed securities to help reduce borrowing costs. All these steps are going to stable the US home and mortgage industry according to the national association  of home builder’s  Wells Fargo index are showing a record home sales in the second quarter of this month which is showing of nearly 72.3 percent of homes sold out. This 72.3 percent of homes sold to the families with the national median income of $64,000 a year.

Homeowners fall behind on their mortgage payments when they lose their jobs, and declining prices mean they can’t sell to pay off loans, the median U.S. home price fell 16 percent in the second quarter from a year earlier, the steepest drop on record, according to the National Association of Realtors. These rapidly change in home’s prices is creating a positive change in the US mortgage. This is a very positive change and this will help the home sale’s go higher and can play a major role of lifting up the US economy and people will be able to purchase their own homes!

Watch the video “California’s median home price down 40%”

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US is facing so many problems now a days and the Government is planning to resolve these issues but still they are unable to resolve so good. One of the most important and most discussed issues was the failure of the housing industry that has affected badly the other mortgage and reverse mortgage industries as well. Freddie and Fannie has played a key role in every financial planning with the US government and now Fed is going again with the President Obama and his administration and attempting another deal of buying mortgage assets from the mortgage giants Freddie and Fennie. So, hope this deal might help them to get rid from the financial crisis and people can live their live peacefully again. The Federal Reserve says it will buy up to $600 billion in mortgage-backed assets which will be another attempt to take out the US form the financial crisis. Fed told that it will purchase up to $100 billion in direct obligation form the giants in the Mortgage industry Freddie Mac and Fannie Mae as well as form the Federal Home Loan Banks. These two giants are the main asset of the US financial market and now a day’s they are very busy with the President Obama to resolve the financial issues. In this deal it will also purchase another $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors. This $600 billion attempt will also unveil a new program to help the marketwhich is down now and this attempt if successfully work; will also stable the country financially.

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The US mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday. As we know that the US trying to get rid of the current worst economical situation but they are still struggling with the major disaster was the loan rates on homes were raised high by the banks. This rise in home loans laid a very bad impression on the people in the US. Most of the people get homeless and now the situation is that the economically US facing their life’s worst phase and this situation affecting country badly.

After Fed announcement of no change in rates the World stock markets shot higher Thursday, after the US Federal Reserve said the world’s largest economy appeared to be “leveling out” from its worst ever recession. “We have more and more confirmation the US recession is ending and investors are currently buying into this,” said John Mar, co-head of sales trading, Daiwa Securities SMBC Co. in Hong Kong.

So, these rapid changes are affecting many sectors but the major thing is to save the industry specially the mortgage industry. As president Obama has promised with their nation that he and his administration will bring the change in the country and we are waiting for that change because the change in Stocks, economical destabilization and applications for loans to buy homes, an early indicator of sales, rose slightly and affecting economically.

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After the arrival of Obama, economic sectors in the USA are gradually getting better during the current year though very slow but improvement is still there like Mortgages. People were scared and fed up by the increased and over burden Inflation and the high mortgage rates. Now, the good thing is that the mortgages rates are falling modestly this week after getting higher last month, according to Freddie Mac’s (FRE) weekly survey of mortgage rates. To obtain the rates, the fixed-rate mortgages and the five-year adjustable rate required payment of an average 0.6 point and the one-year ARM required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.

So, now we can say that this is a good recovery right after sinking to historic lows earlier this year, rates on the benchmark 30-year fixed-rate mortgage rose back above 5% as treasury gave up some of their gains and home buying activity picked up. Higher treasury yields generally result in higher mortgage rates. The 30-year fixed-rate mortgage averaged 5.22% for the week ended Thursday, down from last week’s 5.25% average and 6.52% a year ago. So, in future we can expect some more good results from other sites as Obama is doing a good job!

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The President of USA Barack Obama declared a new loan policy for the home loans and just 9% of eligible home loans have been changed under the Obama program. President Obama and two well known banks of America (BofA) and Wells Fargo declared the new modified plan for the home owners who took loan for their home. BofA and Wells Fargo, say’s the report doesn’t reflect modifications made outside the plan. As the US people are already fighting against the rising rate of loans so after the modification of home Loan policy offered by the two mega banks that dominate the mortgage market; so Fargo & co. has reduced the payments for only 6% of its eligible home loans under the government’s program, and Bank of America Corp.

After a long time the administration, under tremendous pressure to help homeowners avoid foreclosure, has said that despite the low percentage of loans that had been modified under its plan, the program “has made rapid progress in a few short months” and was on track to help 3 million to 4 million eligible borrowers. So, now the hopes of the American people are again alive after this step taken by the President Obama’s and I wish we could again lift and boost our economy again for a longer period!

Watch out the video “Loan Modification – Federal Foreclosure Prevention Plan”

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