December Housing Scorecard

Updated 12/29/10

12/28/10 (People Port) Mortgage aid was offered to 3.9 Million. Median percentage of income going to pay mortgage fell from 45% to 31 percent. Foreclosure activity fell 21 percent. Sales are still down. From the numbers, it appears to be coming under control.

The December Housing Scorecard features key data on the health of the housing market including:

Foreclosure starts and completions dropped significantly in November. As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed leading to a 21 percent drop in foreclosure activity in November. While this is the biggest month over month decrease since 2005, the decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.

With the expiration of the Homebuyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. However, this month’s report also shows that home prices and home equity declined moderately, as prices remain unsettled at this fragile stage of the recovery.

More than 3.9 million mortgage aid offers were initiated between April 2009 and the end of October 2010 —more than double the number of foreclosure completions during that time. These actions included over 1.4 million Home Affordable Modification Program (HAMP) trial modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.7 million).

Data in the scorecard also show that the recovery in the housing market continues to remain fragile. While the recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

Each month, the Housing Scorecard incorporates key housing market indicators and highlights the impact of the Administration's unprecedented housing recovery efforts, including assistance to homeowners through the FHA and HAMP.

The next Housing Scorecard and HAMP Report will be issued jointly on or about February 1, 2011.

Article by
People Port

People Port Ethical Conduct Statement
People Port's Terms And Conditions

PeoplePort
People Port Family
People Port Editorials

Copyrighted, 2010, J John Swanko, All rights reserved. This work is licensed under a Creative Commons Attribution 3.0 Unported, It may not be published, broadcated, redistributed, rewritten, without meeting the terms and conditions.

For advertising opportunities or comments PeoplePort@gmail.com