The housing market remains fragile with a mixed picture of recovery, while mortgage delinquencies have continued downward, according to the April edition of the Obama Administration’s Housing Scorecard, released by the Department of Housing and Urban Development and Treasury Department.
“Home prices remain weak under continued strain from foreclosures and distressed home sales,” the report states. The downward trend in delinquencies, however, have signaled an improvement compared to early 2010, it says.
The scorecard points to the surge in mortgage modification activity, totaling more than 4.5 million modification arrangements started between April 2009 and the end of March 2011, which is more than double the number of foreclosure completions during that time. Those included more than 1.5 million trial modification starts through the Home Affordable Modification Program (HAMP) and more than 808,000 FHA loss mitigation and early delinquency interventions, according to the report.
“The housing data in this month’s Scorecard offer continued mixed signals and some signs of weakness in the market – despite growing evidence of progress in the broader economy,” said HUD Assistant Secretary Raphael Bostic. “The Administration has been consistently committed to helping American homeowners and borrowers who have been hit hard by the economic recession and housing crisis, and our efforts have helped millions to avoid foreclosure and gain a more stable footing. That said, we still have more work to do to reach the many households who still face trouble.”
“The numbers of homeowners both entering HAMP and converting from trial to permanent modifications each month are a powerful reminder of the role this program is playing in delivering much-needed assistance to families facing a housing market that is still very tough,” said Acting Assistant Secretary for Financial Stability Tim Massad. “And by providing modifications that are sustainable for homeowners over time, HAMP is setting standards for the industry that ultimately mean more options for more families to avoid foreclosure.”
View the April Housing Scorecard.
Written by Elizabeth Ecker