Household Debt in America at Ten-Year Low

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  The Wall Street Journal reported household debt for American families is at its lowest in 10 years.  Neighborworks America, a program for helping homeowners through foreclosure, has helped almost 1.8 million people since its inception.  A bill was barely passed 219 to 206 by the House that will hold off on another government shutdown.

In The News:

DS News – “Foreclosure Prevention Counseling Program Has Helped 1.8 Million Homeowners” (12-12-14)

“Washington, D.C.-based NeighborWorks America, one of the nation’s largest community development corporations, announced that more than 1.8 million homeowners have received foreclosure prevention counseling through the association’s National Foreclosure Mitigation Counseling Program (NFMC).”

Housing Wire – “Community groups applaud Fannie, Freddie funding Capital Magnet Fund” (12-12-14)

“While Thursday’s announcement that the Federal Housing Finance Agency is directing Fannie Mae and Freddie Mac to once again set aside funds for the Capital Magnet Fund and Housing Trust Fund was met with strong condemnation from Republicans and free market advocates, it is being hailed by affordable housing and community development advocates.”

Mortgage Professional America – “Americans’ debt hits 10-year low” (12-12-14)

“American families’ debt has hit its lowest level in 10 years, according to a Wall Street Journal report.  Household debt, measured as a share of disposable income, hit a peak of 135% in late 2007, according to the Journal. That percentage had fallen to 108% in September – the lowest sustained level since 2003.”

DS News– “Purchasing Real Estate Online Becoming a More Prominent Reality for Homebuyers” (12-12-14)

“According to comScore, online sales so far this holiday season (November 1 to present) have risen more than 16 percent against last year’s figures from the same time.”

OC Housing News – “Should bankruptcy judges reduce mortgage principal balances?” (12-12-14)

“Ever since the Great Housing Bubble began to deflate, everyone incorrectly identified foreclosure as a problem because foreclosure pushes people out of the house the bank bought for them.”

Mortgage Professional America – “House narrowly passes bill that would strip Dodd-Frank” (12-12-14)

“The House narrowly passed a controversial spending bill last night, preventing – for the moment at least – a partial government shutdown.  The bill, which passed 219 to 206, contained a provision which rolled back part of the Dodd-Frank Act.”

DS News – “Lawmaker Criticizes FHFA’s Decision to Allocate GSE Money to Housing Groups” (12-12-14)

“U.S. Representative Ed Royce (R-California), a senior member of the House Financial Services Committee, has issued a statement calling the Federal Housing Finance Agency (FHFA)’s announcement that the Agency will divert GSE money to the Housing Trust Fund and Capital Magnet Fund ‘outrageous.'”