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