The Obama administration's October edition of the Housing Scorecard show continued signs of stabilization in house prices and high home affordability due in part to record-low interest rates, according to the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury.
"Over the last 21 months, the Obama administration's swift action in the housing market has kept millions of families in their homes and provided responsible borrowers with incentives to refinance or to become a homeowner," said HUD Assistant Secretary Raphael Bostic. "But, with many unavoidable foreclosures still in the pipeline, it's clear that we have a hard road ahead. That's why we're focused on successfully implementing the programs we've put in place - such as additional assistance on refinancing and helping unemployed homeowners stay in their homes - and ensuring that help is available to homeowners as soon as possible."
Some findings from the October Housing Scorecard include:
• Families continued to benefit from the lowest rates in history on 30-year fixed mortgages.
• New and existing home sales remained below levels seen in the first half of 2010 due to the expiration of the homebuyer tax credit.
• Home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.
• More than 3.52 million modification arrangements were started between April 2009 and the end of August 2010
• At nine months, almost 90 percent of homeowners remain in their permanent HAMP modification, with 11 percent defaulted and less than 16 percent of permanent modifications are 60 plus days delinquent.
Banker & Tradesman.
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