Search

Blog

Administration Offers Monthly Recap of Housing Metrics

by devteam June 22nd, 2010 | Share

Excerpts From the Release…</p

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today introduced a monthly scorecard on the nation's housing market.</p

Each month, the scorecard will incorporate key housing market indicators and highlight the impact of the Administration's unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP). </p

This scorecard contains key data on the health of the housing market including…</p<ul

  • Mortgage Rates</li
  • Home Prices</li
  • Home Sales</li
  • Housing Supply</li
  • Mortgage Originations</li
  • Delinquency Rates</li
  • Foreclosure Actions</li
  • Underwater Borrowers</li</ul<ul</ul

    HUD Secretary Shaun Donovan says:</p

    “We already know that due to the Obama Administration's efforts, the housing market is significantly better than anyone predicted a year ago…This scorecard will allow the American people to monitor the Administration's efforts to strengthen the housing market on a monthly basis and hold the government and industry accountable.  Demonstrating the progress in the housing market due to the Administration's policies, this month's report provides a broad set of indicators showing encouraging signs of recovery.”</p

    The housing scorecard now incorporates the monthly Making Home Affordable Program Servicer Performance Report, including HAMP modification data that once again shows a month-over-month increase in permanent modifications, with average growth of roughly 50,000 permanent modifications per month over the last four months. Servicer data indicates close to half of the homeowners in HAMP trial modifications who were ultimately ineligible for a HAMP permanent modification were offered an alternative modification and less than 10 percent move  to foreclosure sale. </p

    HERE are some of the findings (see page 8)… </p<ul

  • After 30 straight months of decline and an expectation of continued nearly 14 percent decline, home prices leveled off in the past year and expectations have adjusted upward</li
  • Mortgages are more affordable: due to historically low interest rates, more than 6 million homeowners have refinanced, saving an estimated $150 per month on average and more than $11 billion in total. And more than 2.5 million families have purchased a home using the First-Time Homebuyer Tax Credit.</li
  • Servicers report that the number of homeowners receiving restructured mortgages since April 2009 has increased to 2.8 million. Additionally, nearly half of homeowners unable to enter a HAMP permanentrn modification enter an alternative modification with their servicer, andrn fewer than 10 percent of cancelled trials move to foreclosure sale.</li
  • However, the foreclosure prevention initiatives are not intended to help all borrowers and the market will continue to adjust for some time.rn The supply of homes on and off market remains near all-time highs.rn It will take time to work though this large inventory.</li</ul

    </p

    MND will publish a full recap of May HAMP data tomorrow.

    All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.

    • About the Author

    devteam

    Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

    See all blogs
    Share

    Comments

    Leave a Comment

    Leave a Reply

    Latest Articles

    Real Estate Investors Skip Paying Loans While Raising Billions

    By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...

    Late-Stage Delinquencies are Surging

    Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...

    Published by the Federal Reserve Bank of San Francisco

    It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...