Signs of stabilization; challenges remain
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the September edition of the Obama Administration’s Housing Scorecard (www.hud.gov/scorecard), a comprehensive report on the nation’s housing market.
The latest housing figures show continued signs of stabilization in house prices. Although existing and new home sales declined in July, recent data shows housing starts rebounded in August.
The September Housing Scorecard features key data on the health of the housing market including:
· Since April of 2009, record low rates have helped more than 7.1 million homeowners to refinance.
· Existing and new home sales shifted downward in July, though stabilizing housing prices drove improving expectations in some regions.
· More than twice as many modification arrangements have begun compared to foreclosure completions. More than 3.35 million modification arrangements were started between April 2009 and the end of July 2010.
·More than 468,000 permanent modifications granted to homeowners; more than 33,000 homeowners received a HAMP permanent modification in August.