Obama’s August Scorecard Touts Strong Home Price Gains

The housing market made important progress in its slow path to recovery in August, including gains in home prices and equity and sales of existing homes, according to the Obama Administration’s most recent housing scorecard. 

While the overall recovery remains “fragile,” officials caution in the report, released jointly by the Departments of Housing and Urban Development and the Treasury, it’s headed in the right direction. 

“With the number of underwater homeowners decreasing by more than 40%, it is clear that we are moving in the right direction,” said HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “As we regain stability in our housing markets, it is important to remember that we still have a long way to go in making sure that our housing finance system is strong for future generations.”

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Highlights for the month include continued strong annual gains in home prices, with the Federal Housing Finance Agency’s purchase-only index rising 7.7% in June from the previous year. 

Additionally, millions of homeowners emerged from negative equity as the number of underwater borrowers has fallen by 5 million to 7.1 million as of the second quarter of 2013, which CoreLogic largely credited to an improvement in home prices. 

Existing home sales increased during the period, as did the number of first-time buyers.

Access the full report

Written by Alyssa Gerace

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  • “Additionally, millions of homeowners emerged from negative equity as the number of underwater borrowers has fallen by 5 million to 7.1 million as of the second quarter of 2013, which CoreLogic largely credited to an improvement in home prices”
    Just curious what part of that 2 million that are no longer underwater were a result of foreclosures, short sales and modifications? I guess you would be no longer underwater if you lost your home or the banks gave principal forgiveness.
    The red flag in this article is the Title itself! Obama’s Scorecard.

  • If one read through these scoreboards, the Administration is doing just fine when it comes to housing and housing is doing so much now than in the prior Administration. Who do they is being fooled?

    Housing has a long way to go to get fully recovered and make up for really bad years (except in certain parts of the country). While things are getting better, that should have happened some time back.

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