The Obama Administration released data this week further indicating the housing market recovery is progressing.
Sales of new and existing homes for January are up 8.8%, and 12.8%, respectively from December 2012, according to the most recent Housing Scorecard released by the Department of Housing and Urban Development (HUD) and the U.S. Treasury.
“The Obama Administration’s efforts to speed housing recovery are showing continued progress as the January scorecard indicators highlight clear forward momentum in the housing market,” said HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski.
With important work ahead on the long road to recovery, the Administration continues to assist struggling homeowners through its Home Affordable Modification Program (HAMP).
As of December, more than 1.1 million homeowners have received a permanent modification through HAMP, saving $545 on their mortgage payments each month.
In total, the program has saved an estimated $17.3 billion to date with the January edition of the scorecard, up from $16.7 billion in December.
Not only saving homeowners money, HAMP modifications have also continued to exhibit lower delinquency rates, according to the Office of the Comptroller of the Currency.
More than 94% of homeowners remain in their permanent HAMP modification as of January.
Written by Jason Oliva