New home sales for October have risen substantially since a year ago as the market continues its path toward a steady recovery, according to the October edition of the Obama Administration’s Housing Scorecard.
The October data compiled by the Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury exhibits the Obama Administration’s contribution to the fragile market recovery as the administration has helped lift more than 1.3 million families above water this year thus far.
The scorecard reports new home sales have risen to 324,000 for October, up from 255,000 for the same period in 2011. The number of first-time buyers also rose over the same period by more than 17,000 to clock in October 2012 first-time buyers at 158,500 sales.
“As the October housing scorecard indicates, our housing market is continuing to show important signs of recovery–with the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010,” said Erika Poethig, HUD’s acting assistant secretary for policy development and research.
Amid the market’s stabilizing results reported for the month, the Obama Administration continuously strives to assist struggling households avoid foreclosure through the Making Home Affordable Program (MHAP), alongside the help of the Federal Housing Administration’s (FHA) intervention in more than 1.5 million loss mitigation and early delinquency cases.
“Since 2009, the Administration has helped millions of families avoid foreclosure to help our country recover faster from an unprecedented crisis,” said Treasury Assistant Secretary for Financial Stability Tim Massad.
In an effort to provide solutions to the housing crisis, the Obama Administration revamped the Home Affordable Modification Program (HAMP) in June 2012 by expanding the population of homeowners that may be eligible to receive program benefits.
As of September 2012, more than one million struggling families have benefitted from HAMP, saving an average of $541 on mortgage payments each month.
Written by Jason Oliva