Real Estate Central

NORFOLK, Va., June 24 /PRNewswire-USNewswire/ — In spite of surging
residential mortgage defaults, Norfolk Redevelopment and Housing
Authority’s HomeNet program reports zero foreclosures among its low to
moderate income first-time homebuyer clients. Over the course of seven
years, HomeNet has served over 300 clients.

June is federally recognized as National Homeownership Month
(http://www.whitehouse.gov/news/releases/2008/05/20080529-7.html),
highlighting the benefits of homeownership and encouraging citizens to
become responsible homeowners.

The HomeNet program, a partnership between NRHA, local lending
institutions, housing developers, real estate firms, financial counselors
as well as local, state and federal housing agencies, serves as a housing
resource center, linking families to the many housing choices in Norfolk,
as well as to the resources needed to make their dream home a reality.

The first week of June, the Mortgage Bankers Association reported,
“U.S. home foreclosures and the rate of homes entering the foreclosure
process rose to record highs in the first quarter with increases across
many loan classes.”
(http://www.mortgagebankers.org/NewsandMedia/PressCenter/62936.htm)

While a national trend of foreclosures continues to climb, low to
moderate buyers utilizing the HomeNet program are staying in their homes,
according to LaShawn Fortes, HomeNet Manager. These buyers usually qualify
for financial assistance, such as below market mortgages, if they
successfully complete HomeNet’s training program.

Data is not available for HomeNet’s market rate buyers, as a second
deed of trust is only required for buyers who receive subsidies. A bank
would then notify NRHA if a client with a second deed is in default.

The mission of the HomeNet Homeownership Center
(http://www.nrha.us/programs_services/homeownership/homenet.html) is to
demystify the home buying process and empower participants to make informed
decisions during the often complex home buying process. The program
includes credit and purchase counseling, a VHDA-approved first-time home
buyer education class, qualified lenders, realtors and attorneys and SPARC
interest rate discount.

About NRHA

Founded in 1940, NRHA is a national leader in community revitalization
and fostering sustainable mixed-income communities. As the largest
redevelopment and housing authority in Virginia, NRHA plays a key role in
making Norfolk the city of choice to build, work, live and play.

See Also:

• Samson Carts Achieves Gold Level Cradle to Cradle Certification
• Your First Home Teaches Renters and Owners The Truth About What It Takes to be a Successful Homeowner
• IRR-Residential Adds New Affiliates and Appoints Chief Appraiser
• Griffin Announces Notice from Nasdaq
• Home prices in another steep drop - Jun. 24, 2008

[Via Real Estate Newswire]