The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the June edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. Data in the June Housing Scorecard show 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 full report is available online at www.hud.gov/scorecard.
HUD Acting Assistant Secretary Erika Poethig said, “We’re making important progress in providing relief to homeowners under the Obama Administration’s programs. With almost half a million families taking advantage of our enhanced Home Affordable Refinance Program – standing to save on average $2,500 per year – and more than 51,000 applications for the FHA Streamline Refinance Program in the first ten days following the recent premium changes, it’s clear that the Administration’s efforts continue to provide significant positive benefits.” Poethig continued, “But with so many homeowners still underwater on their mortgages and struggling to move into more sustainable loans, we have much more work ahead. That is why we are asking the Congress to approve the President’s refinancing proposal so that more homeowners can receive assistance.”
“Millions of homeowners across the country have received assistance to avoid foreclosure as a result of the programs the Administration has put into place,” said Assistant Secretary for Financial Stability Tim Massad. “Recognizing that there is not one solution for every struggling family, we have continued to strengthen and expand our efforts to offer some of the most affordable and sustainable assistance available in an unprecedented housing crisis.”
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:
For more information, visit www.hud.gov.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.