Tag Archive for Housing Scorecard

Housing Market Stabilizing After Long Winter

May 13, 2014 Housing Market Comments Off on Housing Market Stabilizing After Long Winter

Each month, the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury collect key data on the housing market’s health and the results of the administration’s mortgage modification and foreclosure prevention efforts. In April, the government’s monthly Housing Scorecard found that, though home prices are still rising and foreclosures have hit their lowest level in many years, home sales slowed during the winter, with new home sales dropping to an eight-month low in March. Katherine O’Regan, HUD assistant secretary for policy development and research, said harsh winter weather, tight credit standards, and fewer distressed properties for sale combined to slow the pace of home sales. But, according to O’Regan, the housing market is stabilizing despite the rough winter months. As evidence, the scorecard highlights a 6.9 percent rise in home prices over last year, foreclosure completions at their lowest level since mid-2007, and stabilizing existing-home sales data. More here.

Gov’t Report Finds Housing Market Progress

April 11, 2014 Housing Market Comments Off on Gov’t Report Finds Housing Market Progress

According to data released by the U.S Department of Housing and Urban Development and the U.S. Department of the Treasury, the housing recovery continues to make progress, though some markets are doing better than others. The March edition of the administration’s Housing Scorecard – which collects key data on the health of the housing market and the federal government’s ongoing recovery efforts – finds foreclosure starts trending downward, homeowners’ equity rising, and home prices stable. Kurt Osowski, HUD’s deputy assistant secretary for economic affairs, said homeowners’ equity is now over $10 trillion and foreclosure starts are at their lowest level since 2005. The Scorecard also shows that, according to the most recent S&P/Case-Shiller 20-City Home Price Index, home prices are now back to their mid-2004 levels, though month-over-month improvement weakened this past winter. Despite the progress, Osowski cautions that, because the recovery is stronger in some markets than others, there is more work to be done to help responsible homeowners and encourage further recovery. More here.

Housing Market Still Healing, Making Progress

March 11, 2014 Housing Market Comments Off on Housing Market Still Healing, Making Progress

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.

Gov’t Scorecard Finds Housing Market Progress

February 11, 2014 Housing Market Comments Off on Gov’t Scorecard Finds Housing Market Progress

The U.S. Department of Housing and Urban Development and the U.S. Treasury recently released the administration’s Housing Scorecard for January 2014. The scorecard, which collects data on the health of the housing market and the administration’s recovery efforts, shows progress in many key areas. According to the latest report, home sales, foreclosure starts, and homeowner equity all saw significant improvement in 2013. Kurt Osowski, HUD’s deputy assistant secretary for economic affairs, said the number of properties which started the foreclosure process fell 33 percent last year, while sales of previously owned homes rose 9.1 percent. With foreclosures down, home sales up, and equity continuing to grow, the housing market continues to make steady progress, Osowski said. In fact, home sales posted their strongest numbers in several years and homeowners’ equity is up $3.4 trillion since the beginning of 2012. Still, officials caution that the economy is still healing, despite the positive trends in the housing market. More here.

Number of Underwater Homeowners Falls 47.5%

January 14, 2014 Housing Market Comments Off on Number of Underwater Homeowners Falls 47.5%

The number of homeowners who owe more on their mortgage than their home is worth has fallen 47.5 percent since the beginning of 2012. According to the federal government’s most recent Housing Scorecard, released by the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury, nearly 6 million underwater homeowners have been lifted above water as home prices increased from post-crash lows over the past two years. The improvement has pushed homeowner equity up 55 percent since the end of 2011. In fact, by the third quarter of 2013, homeowner equity was slightly higher than it was at the end of 2003. Despite the progress, officials caution that there is more work to do. Edward J. Szymanoski, HUD’s associate deputy assistant secretary for economic affairs, said there are encouraging signs that the housing market recovery is providing millions of American homeowners with more economic security but there remains work to do in order to address the remaining underwater borrowers. More here.