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 June.

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 permanent status. 

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.

Home Affordable Foreclosure Alternatives (HAFA)

Agreements started:                        79,828

Active agreements                          10,569

Completed Short Sales                    55,273

Completed Deeds-in-Lieu                 1,513

Forty-three percent of completed HAFA transactions were in California.

Forbearances 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.

The Second Lien Modification Program (2MP)

Second lien modifications started      86,792

Full second lien extinguishments       18,974

Partial extinguishments                        4,344

Second lien modifications                  59,558

The median dollar amount of a full extinguishment was $61,641 and of a partial extinguishment $8,674.