Housing scorecard shows promising signs of stability:
HUD and the U.S. Dept. of the Treasury have released the June edition of the Obama Administration’s Housing Scorecard, which shows some promising signs of stability, though the overall outlook remains mixed.
Home equity rose $457.1 billion in the first quarter of 2012, a 7.4 percent increase from the previous quarter and its highest level since the second quarter of 2010. Sales of previously owned homes posted sharp gains in May of 9.6 percent compared with a year ago and new home sales in May recorded their highest level in more than 2 years. However, foreclosure starts and completions turned up in May, underscoring continued fragility in the housing market.
The June Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:
- More than 5.3 million modification
arrangements were started between April 2009 and the end of May 2012 –
including nearly 1.2 million homeowner assistance actions through the
Making Home Affordable Program and more than 1.3 million FHA loss
mitigation and early delinquency interventions.
- As of May, more than one million homeowners
have received a permanent HAMP modification, saving approximately $536 on
their mortgage payments each month, and an estimated $13.3 billion to
date.
- Eighty-six percent of homeowners entering the
program in the last 23 months have received a permanent modification, with
an average trial period of 3.5 months.
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