The Administration's Monthly Housing
Scorecard for July contained little in the way of new information. The Scorecard is a summary of housing data
from various sources such as the S&P/Case-Shiller house price indices, the
National Association of Realtors® existing home sales report, Census data, and
RealtyTrac foreclosure information. Most
of the information has already been covered in by MND.
The Scorecard includes by reference the
monthly report on the Home Affordable Modification Program (HAMP). The current report covers information through
Homeowners continue to filter into the
program with 16,321 new trials started since the May report and 17,192 homeowners
completing their three month trials and moving into permanent
modifications. Since the program began
1.88 million homeowners have entered trials and 1,043,471 have converted to
HAMP modifications continue to show a
good rate of success with the oldest loans, modified near the end of 2009,
having a 33.3 percent serious delinquency rate at the end of two years. That rate has dropped to 28.8 percent for
loans modified in the second quarter of 2010, the last vintage for which that much
data is available. Most successive
vintages have shown improvement over prior ones at the same age point.
Of those customers without GSE loans who
came into the HAMP program in June, 75 percent received some form of principal
reduction with their modification.
HAMP reports the following activity for
the other programs operated under its auspices.
Affordable Foreclosure Alternatives (HAFA)
Short Sales 55,273
percent of completed HAFA transactions were in California.
through the Unemployment Program (UP) have totaled 24,329 with all but 3,300 of
those being plans with some payment required during the forbearance period and
the remainder requiring no payment.
Second Lien Modification Program (2MP)
lien modifications started 86,792
second lien extinguishments 18,974
lien modifications 59,558
median dollar amount of a full extinguishment was $61,641 and of a partial