Each month, the U.S. Department of the Treasury and the Department of Housing and Urban Development release a housing scorecard that highlights key market data and the results of federal recovery efforts. In October, the scorecard found positive price trends, low inventory, high affordability, increases in sales, and mortgage rates near record lows. Federal foreclosure prevention and mortgage modification programs have resulted in more than one million permanent HAMP modifications, saving homeowners a median of $541 on their monthly mortgage payment. Despite the strength of recent housing data, however, the report also cautions that the recovery will take place over time due to continued fragility in the market. Still, more than 18 million homeowners have refinanced their loans since April 2009 and home equity posted a sharp gain in the second quarter of this year. More here.
Recent market data shows signs of a strengthening recovery, according to the latest housing scorecard released by the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury. The administration’s housing scorecard tracks key data and follows the progress of federal foreclosure-prevention programs. Erika Poethig, HUD’s acting assistant secretary, said the results of the September scorecard indicate that the housing market is showing important signs of recovery. Among the highlights, homeowner equity rose to its highest level since the third quarter of 2008, lifting 1.3 million families above water on their mortgages. Also, existing-home sales are now at their strongest pace in two years. Despite the recent positive turn, the report cautions that there is still fragility in the market and that the recovery will take place over time. More here and here.
The most recent housing scorecard from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury collects key housing market data and tracks the impact of the administration’s foreclosure prevention programs. In July, the scorecard shows important progress in both the inventory of homes on the market and the number of underwater mortgages. The number of borrowers who are underwater on their mortgage fell 5.8 percent from the previous quarter and is 0.9 percent below one year ago. But, though foreclosure activity was down in July, the report says there is an expectation that it will increase in coming months as processing delays are lifted. Also, housing inventory remains low. Experts consider a six-month supply of homes to be a balanced market. At the current sales pace, July’s estimates show a 6.6-month supply of existing homes and a 4.9-month supply of new homes currently on the market. Erika Poethig, HUD’s acting assistant secretary, says there has also been important progress in refinance activity. According to Poethig, July’s indicators show momentum not seen since before the housing crisis as refinances through the HAMP program have continued to surge. More here and here.
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s June Housing Scorecard is a comprehensive report on the housing market which compiles and analyzes key data and measures the administration’s foreclosure prevention and recovery programs. Among the findings in the June report, home equity rose 7.4 percent in the first quarter of 2012. The increase brought home equity levels to their highest point since the second quarter of 2010. Also, sales of previously owned and newly built homes both posted gains in May and inventory is at its lowest level in years. Despite the improvements, however, foreclosure starts and completions also rose, which indicates some continued fragility in the market. Also, 86 percent of homeowners entering the administration’s HAMP program in the last 23 months have received a permanent mortgage modification. To date, one million homeowners have received a HAMP modification. More here and here.
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. The supply of homes available for sale fell to 5.1 months, down from a high of 12.2 months in January 2009. Erika Poethig, HUD’s acting assistant secretary, said more than 180,000 borrowers took advantage of the enhanced HARP program in the last quarter and foreclosure starts are declining. Still, despite numerous positive indicators, the report cautions that the overall outlook is mixed due to distressed sales and the impact of serious delinquencies and underwater mortgages on housing’s gains. More here and here.
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s monthly Housing Scorecard collects key market data and tracks the administration’s recovery efforts. The April report cites progress made in home sales and mortgage delinquencies but says there is continued fragility in the housing market. Mortgage delinquencies have declined for four straight months and existing-home sales are up more than five percent from last year’s level. Home prices, while still fragile, are beginning to show signs of stabilization and, in some markets, improvement. Also, inventory is at its lowest level in years, having fallen to levels typically associated with a healthy, balanced market. More here and here.
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their March housing scorecard,which compiles key housing market data and the results of the government’s recovery efforts. And though the report still finds fragility in the market, it also shows that home sales are off to their strongest start since 2007, after upwardly revised January numbers and a solid February for existing-home sales. Also, mortgage delinquency rates continue to fall and are substantially below last year’s levels. And, according to the scorecard, the administration’s recovery efforts have started more than 5.8 million mortgage modification arrangements since April 2009, including 1.8 million HAMP trial modifications. More here.
The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements to the Home Affordable Refinance Program resulted in another 300,000 families beginning the process of refinancing their homes. More here and here.
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s November Housing Scorecard collects key data on the housing market and the government’s foreclosure-prevention programs through October. According to the report, new home sales and house prices remain stable while mortgage rates at record lows have led to high affordability conditions. But despite encouraging data and evidence that the overall economy is growing, the scorecard offers continued mixed signals as there are still signs of weakness in the market, including a rise in foreclosure completions after months of declines. Still, the Home Affordable Modification Program has led to more than 880,000 permanent mortgage modifications with a median payment reduction of 37 percent. Since April 1, 2009, 12.5 million homeowners have refinanced their mortgage. More here and here.
The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their October 2011 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts though the end of September. Among the highlights, new home sales were up from August, though still down slightly from the year before, and existing home sales were 10 percent above year ago levels. Also, mortgage defaults and foreclosure sales continued to fall. Raphael Bostic, HUD’s assistant secretary, said falling mortgage defaults are due, in part, to the administration’s foreclosure prevention programs. According to Bostic, a million more homeowners refinanced their loans under historically low interest rates during the last quarter. More here and here.