Housing Scorecard: HAMP Continues Brisk Trial Modification Rate

The Obama Administration’s MonthlyrnHousing Scorecard for April was released this afternoon by the Departments ofrnTreasury and Housing and Urban Development.  The scorecard contains a wrap-up of housingrndata released earlier from RealtyTrac, the Census Bureau, S&P Case Shiller,rnand other sources.  All of the data hasrnbeen previously covered by MND, however a few points bear repeating.</p

Publishers of major housing indices allrnreport that home prices which have been gradually moving upwards since lastrnsummer remained stable through mid-winter. rnMost indications are that prices are moving ahead of earlierrnprojections.</p

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Sales of new and existing homes havernremained relatively flat, probably because of a lack of availablerninventory.  The number of availablernexisting homes is at the lowest point since at least 2003 and records numbersrnof homes are being held off of the market.</p

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Eachrnmonth the Scorecard incorporates by reference the monthly report on the MakingrnHome Affordable (MHA) Program and its various components including the HomernAffordable Modification Program (HAMP), 2MP second lien modification program, PrincipalrnReduction Alternative Program (PRA) and Home Affordable ForeclosurernAlternatives (HAFA) program.  This ThernApril MHA report includes data through March 31, 2013.</p

The<bHAMP program continues to be serve new borrowers with 20,653 trialrnmodifications initiated since the February report, only about 2,000 fewer thanrnentered the program in March 2011.   There are currently 63,219 active trials.   Since the beginning of the HAMP program inrn2009 just over 2 million borrowers have entered into trial modifications andrn1.179 million of those trials have been converted to permanent modifications,rn11,913 of them since the February report. rn</p

SincernFebruary 4,299 loans have started PRA modifications under HAMP and 1,359 outsidernof HAMP.  This brings the totals sincernthe program began to 99,217 and 33,413 respectively.  The median principal reduction for a HAMP PRArnmodification has been $73,384; the median is $56,386 for non-HAMP PRAs.</p

Torndata the HAFA program which gives borrowers an opportunity to exitrnhomeownership without going through a foreclosure has completed short sales forrn102,901 GSE loans and 34,279 non-GSE loans. rnAnother 3,000 GSE borrowers have given deeds-in-lieu of foreclosure asrnhave a few hundred non-GSE borrowers.  Activity in the HAFA program has acceleratedrnsince the closing months of 2012 and the GSEs have streamlined their short-salernprocesses.</p

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