Treasury Department Reports 4.3% of Loan Modifications Made Permanent
The Treasury Department Making Home Affordable (HAMP) report for November 2009 shows that of 1,032,827 invitations from lenders to modify mortgages, only 31,382 have been made permanent.
The numbers show that the program has been mostly ineffective and its impact on stemming the tide of foreclosures minimal. We tend to look at the program as interesting, but not really important to the Daytona Beach real estate market.
The are a lot of distressed properties in Ormond Beach and Daytona Beach. Well over 1/2 of all sales in our area are foreclosed properties or short sales. Many people are getting great deals. However, not all sales are of distressed properties and not all good deals come from buying a distressed properties. There are well priced properties on the market and we have duplex multi-family units that are in that category.
Buying an Ormond Beach duplex can make a lot of sense both from the investment standpoint and from the quality of your life. Our properties are located just minutes from the beach in a nice quiet section of Ormond Beach in Ellinor Village. Check out the advantages of owning a duplex at Does Buying A Duplex Make Sense?