The housing recovery picture is “mixed” as seen in the February edition of the Obama Administration’s Housing Scorecard, released this week by the Department of Housing and Urban Development (HUD) and the Treasury Department.
Indicators including existing home sales, mortgage delinquencies and modification agreements were considered, ultimately concluding that while existing home sales increased and affordability continues to be high, the market remains fragile with unsettled prices.
“In the face of the deepest economic recession and housing crisis in decades, the Obama Administration has taken unprecedented action to promote stability in the market—keeping millions of families in their homes and helping millions more to save money by refinancing. But the data clearly show that the market remains extremely fragile,” said HUD Assistant Secretary Raphael Bostic. “While we cannot stop every foreclosure, we know that many responsible homeowners are still fighting to make ends meet. Through the broad range of programs this Administration has put in place, we can put help in reach to those homeowners as early as possible.”
Low rates have helped more than 9.5 million homeowners refinance since April 2009, which resulted in $18.1 billion in borrower savings over that time period. FHA loss mitigation, the Home Affordable Modification Program and HOPE Now helped lead to more than 4.2 million modification arrangements between April 2009 and the end of January 2011. Mortgage aid outpaces foreclosures and has been extended more than 4 million times over the same time period.
Housing counselors have served 4.8 million households since April 2009 according to the scorecard, and the FHA has supported mortgage lending over the course of the crisis (see chart).
See the entire Housing Scorecard for February.
Written by Elizabeth Ecker