October Obama Housing Scorecard Shows Stabilization of Home Prices

Data from the October edition of the Obama Administration’s Housing Scorecard shows continued signs of stabilization in home prices according to the Department of Housing and Urban Development.

“Over the last 21 months, the Obama Administration’s swift action in the housing market has kept millions of families in their homes and provided responsible borrowers with incentives to refinance or to become a homeowner,” said HUD Assistant Secretary Raphael Bostic.  “But, with many unavoidable foreclosures still in the pipeline, it’s clear that we have a hard road ahead.”

According to HUD, new and existing home sales remained below levels seen in the first half of 2010 due to the expiration of the Homebuyer Tax Credit.  At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

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In addition, more than 3.52 million modification arrangements were started between April 2009 and the end of August 2010, which included more than 1.3 million trial Home Affordable Modification Program (HAMP) modification starts.

“HAMP is not only an important part of the Administration’s efforts to stabilize the housing market, it has also redefined the loan modification standard for the mortgage industry overall,” said acting Assistant Secretary for Financial Stability Tim Massad.

“Early data shows that well beyond the trial phase, the majority of homeowners are maintaining their HAMP modifications,  reflecting  the rigorous standards the program uses  to provide assistance to responsible homeowners.”

To view the report, see here.

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  • Notice the report does not cite the required closing of all tax credit transactions by 9/30. So the tax credit distortion is still in the housing market figures.

    The President is fighting to have the last housing report before mid-term Congressional elections look as good as possible. Who would have thought 18 months ago this report would be boasting stabilized prices but with a warning about the looming foreclosure shadow inventory.

    With no tax credit price support, it will be interesting to see what housing looks like when the 112th Congress takes office. Per the MBA report, the future of mortgage lending does not look bright for the next fifteen months.

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