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Affordable Refinance Program (HARP). He said that "making more borrowers eligible for refinancing their mortgages by enhancing the Home Affordable Refinance Program (HARP) will give a badly needed boost to consumer confidence. Enabling additional home owners to take advantage of today's low mortgage interest rates in cases where their loans are greater than the value of their homes will give some households more money to spend on other things and enable others to at least pay their mortgages off at a faster rate.mortgage product, approximately 10 percent of those via HARP." An estimated 1,000,000 additional homeowners may be helped by these new changes.


Some pundits have argued that the timing of these changes are simply a political strategy by the Obama administration, citing that just because a bank can refinance doesn't mean they will be willing to take on a homeowners who might be as much as much as 150 percent upside down in their homes. Simply removing the current loan-to-value ceiling (125%) may not have much affect, they say.

Bob Nielsen, chairman of the NAHB, knows that many families have a hard road ahead because of current lending burdens. "It is essential to address overly restrictive mortgage lending standards, inappropriate credit limitations on home builders and a broken appraisal system that is contributing to housing price instability," he says. "All of these factors are detrimental to the full-scale housing recovery we need to rally consumers and get a disappointing economic recovery moving forward.


The new homes market has finally seen some good news. The Commerce Department reports that new home sales were up 5.7 percent in September. This news is tempered, however, by the reality that sales of new homes are near historic lows -- bad news for builders and the large number of unemployed construction workers. New home sales this year are at a 50-year historic low rate. The previous records were set in 2012. Before that low rates were seen on top.


As we know, housing isn't just about homeownership. There are millions of Americans today that seek our rental units as their home base. The Census Bureau has recently revealed that a large number of American renters are "severely rent-burdened". This means that 19.4 million renting households pay more than 30 percent of their total income on rent. And 25 percent pay more than 50 percent of their income on rent online mortgages.