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December Housing Scorecard Points to Improving Home Equity and Prices
The
U.S. Department of Housing and Urban Development (HUD) and the U.S. Department
of the Treasury today released the December edition of the Obama
Administration's Housing Scorecard. 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 by MND.
The
report pointed to a number of positives for the housing market. For example, Home prices showed large annual
gains for the 12 months ending October 2012.
Based on Case-Shiller data, house prices have increased much faster
than predicted and are now running about 25 points higher than futures on the
Case-Shiller Index.
[Image or graph removed from email. View full article with images]
The
equity Americans have in their homes continues to rise and is nearing $8
trillion. This is still well below the
nearly $14 million in equity that existed before the housing downturn but is
nearly $2 trillion above the trough it reached in the first quarter of 2009.
[Image or graph removed from email. View full article with images]
Mortgage
aid has been extended to nearly 6 million homeowners through various programs since
2009. This includes loan modifications
and other forms of assistance provided through the Making Home Affordable Program,
HOPE Now, and FHA modification programs.
The home preservation programs have reached nearly twice as many
homeowners as have been foreclosed.
[Image or graph removed from email. View full article with images]
The
Scorecard includes by reference the monthly report on the Making Home Affordable
Program which includes subsidiary programs Home Affordable Modification Program
(HAMP), the Second Lien Modification Program (2MP), the Home Affordable
Foreclosure Alternative Program (HAFA), and the Principal Reduction Alternative
(PRA). The current report covers information
through October.
Through
October there had been 1.96 million HAMP trial modifications started with
21,816 of them initiated since the previous report. Over the life of the program 1.12 million of
these trials have been converted to permanent modifications and about 68,000
homeowners remain in trial status.
HAFA
which assists homeowners to exit homeownership without going through
foreclosure has now completed 85,881 transactions, 5,618 since the last report. Of the total, 83,741 of the transactions have
been short sales; the remaining numbers were deeds in lieu of foreclosure.
Nearly 102,000 second lien modifications have been completed through 2MP.
About a quarter of these modifications (25,078 full) resulted in a full
extinguishment of the second lien at an average cost of $61,850.
Since
the HAMP program underwent substantial revisions to the modification process and
HAMP ramped up supervision of participating servicers in June 2010 the
conversion rate of trial modifications to permanent modifications has risen to
87 percent from the 44 percent average pre- program changes. All major
servicers now have at least an 81 percent conversion rate and the length of an
average trial is 3.5 months.
"As
the December housing scorecard indicates, our housing market is continuing to
show important signs of recovery - with the FHFA and Case-Shiller housing price
indices up 5.6% and 4.3%, respectively, from one year ago," said HUD Senior
Advisor on Housing Finance Michael Berman.
"The
Administration's programs to prevent foreclosure have helped millions of
families stay in their homes and prompted critical changes in the way the
mortgage industry assists struggling homeowners, which have helped our country
recover faster from an unprecedented housing crisis," said Treasury
Assistant Secretary for Financial Stability Tim Massad.
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YOUR MESSAGE HERE
December Housing Scorecard Points to Improving Home Equity and Prices
The
U.S. Department of Housing and Urban Development (HUD) and the U.S. Department
of the Treasury today released the December edition of the Obama
Administration's Housing Scorecard. 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 by MND.
The
report pointed to a number of positives for the housing market. For example, Home prices showed large annual
gains for the 12 months ending October 2012.
Based on Case-Shiller data, house prices have increased much faster
than predicted and are now running about 25 points higher than futures on the
Case-Shiller Index.
The
equity Americans have in their homes continues to rise and is nearing $8
trillion. This is still well below the
nearly $14 million in equity that existed before the housing downturn but is
nearly $2 trillion above the trough it reached in the first quarter of 2009.
Mortgage
aid has been extended to nearly 6 million homeowners through various programs since
2009. This includes loan modifications
and other forms of assistance provided through the Making Home Affordable Program,
HOPE Now, and FHA modification programs.
The home preservation programs have reached nearly twice as many
homeowners as have been foreclosed.
The
Scorecard includes by reference the monthly report on the Making Home Affordable
Program which includes subsidiary programs Home Affordable Modification Program
(HAMP), the Second Lien Modification Program (2MP), the Home Affordable
Foreclosure Alternative Program (HAFA), and the Principal Reduction Alternative
(PRA). The current report covers information
through October.
Through
October there had been 1.96 million HAMP trial modifications started with
21,816 of them initiated since the previous report. Over the life of the program 1.12 million of
these trials have been converted to permanent modifications and about 68,000
homeowners remain in trial status.
HAFA
which assists homeowners to exit homeownership without going through
foreclosure has now completed 85,881 transactions, 5,618 since the last report. Of the total, 83,741 of the transactions have
been short sales; the remaining numbers were deeds in lieu of foreclosure.
Nearly 102,000 second lien modifications have been completed through 2MP.
About a quarter of these modifications (25,078 full) resulted in a full
extinguishment of the second lien at an average cost of $61,850.
Since
the HAMP program underwent substantial revisions to the modification process and
HAMP ramped up supervision of participating servicers in June 2010 the
conversion rate of trial modifications to permanent modifications has risen to
87 percent from the 44 percent average pre- program changes. All major
servicers now have at least an 81 percent conversion rate and the length of an
average trial is 3.5 months.
"As
the December housing scorecard indicates, our housing market is continuing to
show important signs of recovery - with the FHFA and Case-Shiller housing price
indices up 5.6% and 4.3%, respectively, from one year ago," said HUD Senior
Advisor on Housing Finance Michael Berman.
"The
Administration's programs to prevent foreclosure have helped millions of
families stay in their homes and prompted critical changes in the way the
mortgage industry assists struggling homeowners, which have helped our country
recover faster from an unprecedented housing crisis," said Treasury
Assistant Secretary for Financial Stability Tim Massad.
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