The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the June edition of the Obama Administration's Housing Scorecard. Data continue to show signs that the housing market is strengthening, with home prices continuing to rise and new and existing home sales remaining strong, although officials caution that there is regional variation and the overall economic recovery remains fragile.
“The Obama Administration’s efforts to speed the housing recovery are showing continued progress as the June scorecard indicators highlight ongoing improvements throughout the housing market,” said HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “Foreclosure starts and completions are down significantly from one year ago; and since January 2012, rising home values have lifted 2.4 million homeowners back above water. That said, we remain cautious because although mortgage delinquencies are trending down, they still remain quite high compared to historic norms.”
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:
►The Administration's foreclosure mitigation programs are providing relief for millions of homeowners as we continue to recover from an unprecedented housing crisis. More than 1.6 million homeowner assistance actions have taken place through the Making Home Affordable Program, including more than 1.2 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered more than 1.8 million loss mitigation and early delinquency interventions. The Administration's programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than 3.6 million proprietary mortgage modifications through April.
►Homeowners in HAMP continue to benefit from significant payment relief increasing the long-term likelihood of avoiding foreclosure. As of May, more than 1.2 million homeowners have received a permanent modification through HAMP, saving approximately $547 on their mortgage payments each month—a 39 percent savings from their previous payment. In May, 69 percent of homeowners with eligible non-GSE mortgages benefitted from principal reduction with their HAMP modification.
►Homeowners currently in permanent HAMP modifications have been granted an estimated $10.6 billion in total principal reduction.