Here is the Housing Market Fact Sheet as presented in the release…</p

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The foreclosure picture is mixed.  At the beginning of the pipeline, starts decreased from 97,100 to 96,500 from July to August.  Notices of sales, however, jumped from 135,200 to 147,000 and actual foreclosures were up from 92,900 to 95,400</p

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Figures for the Home Affordable Modification Program (HAMP) were relatively flat.  Trial modifications were initiated for 26,600 homeowners compared to 24,600 in July and 33,300 trials were converted to permanent status during the month compared to 36,700 the previous month.  1.33 million homeowners have entered the program since it was started in the winter of 2009, 468,100 have received permanent modifications, and 487,522 trials have failed.  The most common reasons for trial cancelation are insufficient documentation, failure to make payments during the trial, and borrowers found to be ineligible because housing expenses were already below the maximum 31 percent level.  </p

The backlog of borrowers who have been in trial modification status for six months or more is now fewer than 95,000.  Three servicers, J.P. Morgan, CitiMortgage, and Bank of American account for 62 percent of the total backlog.  </p

FHA initiated 39,200 loss mitigation interventions during the August compared to 56,100 in July and HOME Now modifications totaled 120,000, down from 120,800 the previous month. </p

In August there were 48,400 FHA mortgages initiated for refinancing compared to 37,200 in July.  70,800 FHA purchase mortgages were originated, up from 65,300 the previous month.  First-time homebuyers accounted for 53,100 of the purchase mortgages originated in August.</p

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