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90% of agents down on HAMP

Survey: Foreclosures drive real estate market in some states

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A mere 10 percent of real estate agents think the Obama administration's Home Affordable Modification Program (HAMP) is reducing foreclosures in their market, according to a survey released Wednesday by real estate media and marketing provider Homes and Land. The company's Market Pulse Survey Report asked more than 100,000 real estate agents nationwide to participate in a 10-question survey to gauge the state of housing in local markets. Nearly 5,800 agents responded; 51 percent had been a Realtor for more than 10 years. The company conducted the survey in February. A quarter of participants were not sure if the mortgage modification program had reduced foreclosures in their market, while a whopping 65 percent said it had not. The government designed the $75 billion program to help up to 4 million at-risk homeowners obtain mortgage loan modifications. Almost half (44 percent) of agents said less than 10 percent of clients had purchased a home in the last three months using the federal ...