The Washington Post reported yesterday that a new report published by the Urban Institute shows homeowners having difficulty making their mortgage payments are 60 percent more likely to avoid foreclosure if they receive homeownership counseling than those who do not.

Those receiving counseling are also 60 percent more likely to have their mortgage payments lowered "significantly."

The report looks at the effects of $300 million distributed to 1,700 non-profit housing counseling organizations since 2007 as part of the federal National Foreclosure Mitigation Counseling program.

VHFA's Social Responsibility Committee is holding a food drive, which wraps up today.

It benefits the Food Shelf’s Grocery Distribution Program, which provides a five-day supply of food support once a month to approximately 1,872 families/households.

If you'd like to contribute, today is the final day. Feel free to bring non-perishable foods to VHFA's offices at 164 Saint Paul Street in Burlington.

Protein rich foods are particularly helpful, such as tuna, peanut butter, etc.

A recent study by the National Association of REALTORS (NAR) shows first-time homebuyers reached their highest market share on record during the past year.

The number of first-time buyers rose to 47 percent of all home sales, up from 41 percent in the previous year's study.

“These buyers are critical to housing and a general economic recovery, because the market always heals from the bottom up," according to Paul Bishop, NAR Vice-President of Research.

"(First-time buyers) absorb inventory, free existing owners to make a trade, and stimulate related goods and services," he added.

The most recent figure is the highest on record dating back to 1981. The previous high was 44 percent in 1991.

An independent review of VHFA’s single-family home loan portfolio shows property values increased by 24 percent compared to values at time of purchase.

The median increase in individual home values in VHFA’s portfolio was 14 percent.

“During this recession we’ve heard a lot about homes dropping in value, but properties in VHFA’s portfolio are doing well. This is evidence of the fiscal strength of the Agency,” said Executive Director Sarah Carpenter.

“This is the first time the Agency has commissioned a report such as this, and the results were stronger than expected.”

Read the nitty-gritty in our press release (PDF).