Obama Scorecard Shows “Important Progress” For Home Prices

After months and months of stagnation in housing reports made by the Obama Administration, the market is finally showing “important progress” in terms of home prices, according to the administration’s August housing scorecard, released this week. 

“Market data show important progress in home prices and for underwater mortgages, but continued fragility overall,” the document states. “…second quarter home prices rose according to all three measures tracked in the scorecard – progress that has been maintained for at least three consecutive months. Most notably, the Case-Shiller index registered an annual home price increase for the fi rst time since September 2010.”

Foreclosure relief programs continue to help those in danger of losing their homes, as well as the Making Home Affordable Program, which has led to 1.2 million homeowner assistance actions. 

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Home equity levels have seen a “sharp” increase in the first quarter of 2012, posting a level not seen in two years. 

View the housing scorecard

Written by Elizabeth Ecker

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  • After 43 months and that is it?  Wow!!!  Is this the same standard used in grading his college students?  Home equity nationally sure has not gone up or done much during his Administration.  It has done just enough to produce little confidence in the value of home ownership.

  • Four accurate  indicators of real world home values.

    1) No Job, No Home

    With no steady source of income, it shouldn’t be a surprise that the unemployed aren’t looking for real estate. This effectively translates to decreased demand = sellers are forced to lower their asking price to adjust to the market’s demand. “8.1%”

    2) Unemployment, Crime, and Property Values

    Statistical analysis has shown that another consequence of a bad economy and high unemployment is higher crime rates. This is often bad news for property values, because most real estate buyers don’t want to live somewhere with a high crime rate. As demand for real estate decreases, property values follow.

    3) Foreclosures

    The facts are Bank of America still has unaccounted for over 480,000 foreclosed properties: this competition drives the price down even further and truth be told when appraisers reflect a value 1 out ofevery 4 comps are a short sale.

    4) Uncertain Future

    Ten years ago, if someone lost their job, they could just buckle down and find another — but not anymore. Nowadays there is so much insecurity, people are so afraid of losing their jobs that they are putting off buying a home.While mom and dad are unemployed, the kids are moving back in after college while lookiong up at that faded “Hope & change Poster’ wondering when they can use there education to make a buck…Although the current circumstances might seem bad, the economy has at least stabilized for the time being, hopefully the fed will stop printing billions of dollars and devaluing our dollar

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