Housing Market

Obama Administration releases October housing scorecard

mortgage rateThe Obama Administration released on Friday the October edition of the Housing Scorecard, a report on the nation’s housing market, showing improvements in home prices, new home purchases and existing home purchases.

The Making Home Affordable Program facilitated more than 1.8 million homeowner assistance actions, including over 1.2 million permanent modifications through the Home Affordable Modification Program that have helped save consumers approximately $547 on their mortgage payments each month.

More than 70 percent of eligible non-government-sponsored enterprise mortgages benefited from principal reductions through HAMP in September. Homeowners with HAMP modifications have been granted an estimated $12.1 billion in principal reduction.

The scorecard, released by the U.S. Treasury and Department of Housing and Urban Development, also features a regional spotlight, which examined the health of the Providence, R.I., housing market. The number of underwater mortgages in Providence fell to 17.3 percent in the second quarter from 21.5 percent the previous year.

The National Mortgage Servicing Settlement provided over $150 million in consumer relief to more than 2,000 Rhode Island homeowners, 56 percent of whom received an average $72,586 in principal reduction on first and second lien mortgages.

“As indicated in the October housing scorecard, the administration continues to work to stabilize the housing market and help responsible homeowners get back on their feet,” HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “With homeowners’ equity at its highest level since 2007 and home prices increasing steadily, it is clear that we are moving in the right direction. As our housing market regains stability, it seems the time is ripe for private capital to begin taking a larger role in the housing finance system.”

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