The Obama Administration's Monthly
Housing Scorecard for April was released this afternoon by the Departments of
Treasury and Housing and Urban Development. The scorecard contains a wrap-up of housing
data released earlier from RealtyTrac, the Census Bureau, S&P Case Shiller,
and other sources. All of the data has
been previously covered by MND, however a few points bear repeating.
Publishers of major housing indices all
report that home prices which have been gradually moving upwards since last
summer remained stable through mid-winter.
Most indications are that prices are moving ahead of earlier
Sales of new and existing homes have
remained relatively flat, probably because of a lack of available
inventory. The number of available
existing homes is at the lowest point since at least 2003 and records numbers
of homes are being held off of the market.
month the Scorecard incorporates by reference the monthly report on the Making
Home Affordable (MHA) Program and its various components including the Home
Affordable Modification Program (HAMP), 2MP second lien modification program, Principal
Reduction Alternative Program (PRA) and Home Affordable Foreclosure
Alternatives (HAFA) program. This The
April MHA report includes data through March 31, 2013.
HAMP program continues to be serve new borrowers with 20,653 trial
modifications initiated since the February report, only about 2,000 fewer than
entered the program in March 2011. There are currently 63,219 active trials. Since the beginning of the HAMP program in
2009 just over 2 million borrowers have entered into trial modifications and
1.179 million of those trials have been converted to permanent modifications,
11,913 of them since the February report.
February 4,299 loans have started PRA modifications under HAMP and 1,359 outside
of HAMP. This brings the totals since
the program began to 99,217 and 33,413 respectively. The median principal reduction for a HAMP PRA
modification has been $73,384; the median is $56,386 for non-HAMP PRAs.
data the HAFA program which gives borrowers an opportunity to exit
homeownership without going through a foreclosure has completed short sales for
102,901 GSE loans and 34,279 non-GSE loans.
Another 3,000 GSE borrowers have given deeds-in-lieu of foreclosure as
have a few hundred non-GSE borrowers. Activity in the HAFA program has accelerated
since the closing months of 2012 and the GSEs have streamlined their short-sale
reports that permanent HAMP modifications continue to exhibit lower delinquency
and re-default rates than industry modifications. After six months in the program more than 94 percent
of homeowners remain in permanent modifications and 9.2 percent are 60+ days
delinquent. Performance is strongly correlated with payment reduction. At 24 months, modifications with a monthly
payment reduction greater than 50 percent have only a 16.7 percent incidence of
disqualification after missing three payments. Where the payment had been cut
by 20 percent or less the disqualification rate is 42.8 percent.
said it has served 37,624 homeowners through all of its various programs since the
February report. The cumulative total
for the program is 1,588,020 borrowers.