There’s still plenty to grumble about, but 2011 wasn’t the apocalypse most anticipated. Here are some of the highlights:
HARP Got Its Act Together
This month Fannie Mae and Freddie Mac distributed guidance regarding the new HARP 2 program details (cue the hallelujah chorus). Under the new revised program, borrowers can refinance into a new fixed-rate loan regardless of how much is owed (the current HARP plan caps the new loan at 125% of the house's market value).
The Unemployment Rate Still Ain’t So Great—But It’s Better
The unemployment rate fell to 8.6% last month—the lowest it’s been in two and a half years. In addition, 120,000 new jobs were created and the Dow Jones Industrial average gained 85 points. And the really good news? A double-dip recession doesn’t appear to be on the 2012 menu.
Home Loans For Purchases Are Expected To Increase
The MBA predicted that home loans for purchases will increase to $412 billion in 2012 (vs. $400 billion in 2011). Even more uplifting: the MBA anticipates home loans for purchases to leap to $700 billion in 2013.