The housing market has made significant strides in the past year but is still healing from the Great Recession, according to a new report from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury. The February edition of the administration’s Housing Scorecard shows significant progress in a number of key areas. For instance, the scorecard notes that purchases of new homes rose, foreclosure completions continued trending downward, and home prices were stable during the month. Still, Kurt Usowski, HUD’s deputy assistant secretary for economic affairs, says there is work to be done. Usowski says the administration’s efforts to stabilize the housing market are having a positive effect but the encouraging news does not detract from the need to build on the progress. Among the highlights in the report, homeowner equity continues to rise, with the Federal Reserve announcing a 4.3 percent spike in the fourth quarter of 2013. Homeowners’ equity has risen 60 percent since the beginning of 2012. More here.