HUD – Housing Recovery is Tied Mortgage Debt Levels

According to HUD Secretary Shaun Donovan extending tax relief on debt forgiveness is priority. His remarks at a senate hearing came at a time when buyers are being drawn back to the housing market because of low mortgage rates and low home prices.

However, prices are currently rising since the numbers of foreclosures are declining and underwater borrowers are getting tax and mortgage relief breaks. As well, many banks continue to reduce the balances of mortgages and let home owners sell for less than the actual value of their homes, rather than face foreclosure processing.

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