The Department of Housing and Urban Development (HUD) and the Treasury today released the Obama Housing Scorecard for March 2011, which shows weak results for the housing market, but a positive impact of the Federal Housing Administration.
According to the report, the housing market remains fragile, with weak home prices; mortgage delinquencies continued a downward trend compared to early 2010; and more than 4.4 million modification arrangements were started between April 2009 and the end of February 2011—more than double the number of foreclosure completions during that time.
“The latest data underscore the importance of continuing our efforts to help families stay in their homes,” said acting Assistant Secretary for Financial Stability Tim Massad. “Each month, the Administration’s Home Affordable Modification Program (HAMP) helps over 25,000 additional families avoid foreclosure, and it has set important standards that have led to more than 2 million mortgage modifications outside of the program. We are also working hard to implement additional programs to assist families in the hardest-hit states. We will continue these efforts so that we help more Americans remain in their homes and help our nation recover from this crisis.”
The scorecard also pointed to record-low mortgages rates as helping nearly 10 million Americans refinance mortgage loans. It also noted that delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak. “However, as lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months,” the report said.
See the March Obama Housing Scorecard.
Written by Elizabeth Ecker