WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the April edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. Data in the April Housing Scorecard show some promising signs of stability, though the overall outlook remains mixed. Mortgage delinquencies have declined for four consecutive months and remain substantially below year ago levels, while sales of existing homes in the first quarter were 5.3 percent higher than one year ago. Data on home prices were soft in many mortgage markets, though adjusting for the traditionally slow winter months reveals the first uptick in prices since April 2011. The full report is available online at www.hud.gov/scorecard.
HUD Assistant Secretary Raphael Bostic said, “We’re making important progress in providing relief to homeowners under the Obama Administration’s programs. With fewer borrowers falling behind on their mortgages and almost half a million families taking advantage of our enhanced Home Affordable Refinance Program – standing to save on average $2,500 per year – it’s clear that the Administration’s efforts continue to provide significant positive benefits.” Bostic continued, “But with so many homeowners still struggling to pay their mortgages or move into more sustainable loans, we cannot rest on our laurels. That is why we are asking the Congress to approve the President’s refinancing proposal so that more homeowners can receive assistance.”
“The Administration’s programs have helped millions of homeowners achieve sustainable mortgage assistance to prevent foreclosure,” said Treasury Assistant Secretary for Financial Stability Tim Massad. “The standards these programs have created continue to prompt the mortgage industry to provide improved outcomes for homeowners more broadly.”
The April Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including: