June 2013 Scorecard on Administration’s Comprehensive Housing Initiative

17 Jul

An interesting report on the state of the housing market today.  An excerpt:

“”The President’s housing market recovery efforts began immediately
after taking office in February 2009. The June 2013 housing
scorecard includes key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• The Administration’s foreclosure mitigation programs
are providing relief for millions of homeowners as we
continue to recover from an unprecedented housing
crisis. More than 1.6 million homeowner assistance actions
have taken place through the Making Home Affordable Program,
including more than 1.2 million permanent modifications through
the Home Affordable Modification Program (HAMP), while the
Federal Housing Administration (FHA) has offered more than
1.8 million loss mitigation and early delinquency interventions.
The Administration’s programs continue to encourage improved
standards and processes in the industry, with HOPE Now lenders
offering families and individuals more than 3.6 million proprietary
mortgage modifications through April.
• Homeowners in HAMP continue to benefit from
significant payment relief increasing the long-term
likelihood of avoiding foreclosure. As of May, more
than 1.2 million homeowners have received a permanent
modification through HAMP, saving approximately $547
on their mortgage payments each month – a 39 percent
savings from their previous payment. In May, 69 percent of
homeowners with eligible non-GSE mortgages benefited from
principal reduction with their HAMP modification. Homeowners
currently in permanent HAMP modifications have been granted
an estimated $10.6 billion in total principal reduction.
View the Making Home Affordable Program Report with data
through May 2013.
Given the current fragility and recognizing that recovery will take
place over time, the Administration remains committed to its efforts
to prevent avoidable foreclosures and stabilize the housing market.””

Read the full report here:

http://portal.hud.gov/hudportal/documents/huddoc?id=junenat2013_scdfinal.pdf

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