Obama Administration releases September Housing Scorecard
HUD and the U.S. Dept.
of the Treasury recently released the September edition of the Obama
Administration's Housing Scorecard. The latest housing data offer
continued mixed signals as home prices improved for the fourth consecutive
month, but showed continued strain from foreclosures and distressed sales.
Also, mortgage defaults and foreclosure completions continued a downward trend
as more homeowners were able to secure mortgage relief.
The September Housing
Scorecard features key data on the health of the housing market and the impact
of the Administration’s foreclosure prevention programs, including:
- Though August home prices as reported by
S&P/Case-Shiller and FHFA improved for the fourth consecutive month
after several previous months of decline, the latest housing data is a
mixed bag with home prices showing continued strain from foreclosures and
distressed sales. Foreclosure completions continued a downward trend, as
mortgage aid programs are helping homeowners, although some of the decline
remains due to lender processing issues delaying some foreclosure actions.
- The Administration’s recovery efforts continue
to help millions of families deal with the worst economic crisis since the
Great Depression. More than 5.1 million modification arrangements
were started between April 2009 and the end of August 2011 – including
nearly 1.7 million HAMP trial modification starts, more than 1 million FHA
loss mitigation and early delinquency interventions, and more than 2.4
million proprietary modifications under HOPE Now.
- More than 75 percent of eligible homeowners
entering a HAMP trial modification since June 1, 2010, received a
permanent modification, with an average trial period of 3.5 months. Homeowners
in HAMP permanent modifications have saved over $8.3 billion to date. View
the August HAMP Servicer Performance Report.
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