The Treasury released an update Friday on the administration's nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). More than 112,000 permanent modifications had been approved, including 66,000 that borrowers have accepted - twice the number as last month - with the remainder awaiting only the homeowner's signature.
California foreclosure activity plummeted in December, especially when you look at the daily averages, according to the local foreclosure tracking site ForeclosureRadar. Notices of default dropped 32.5 percent on a daily average basis, while trustee sale filings fell 23 percent, and foreclosure cancellations increased 3.5 percent. ForeclosureRadar also noted that the number of REO properties in the Golden State, while up slightly month-over-month, has dropped nearly 35 percent over the last year.
The Federal Reserve's first Beige Book of 2010 shows that toward the end of 2009, home sales increased across the country, especially for lower-priced homes. Ten of the 12 federal districts reported gains in residential sales at the end of last year, all except San Francisco, where demand for housing has been steady, and Kansas City, where activity has eased since the last Beige Book.
Freddie Mac's recently released economic outlook describes a refreshingly brighter view of the year ahead, but the pace of recovery in the forecast is well below the growth following most recessions in the past half-century. As the still-fragile recovery gradually gains more solid footing by the end of the year, Freddie Mac's economic outlook anticipates real GDP growth of 3 to 3.5 percent.
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