The latest housing figures from the U.S. Dept. of Housing and Urban Development (HUD) and the U.S. Dept. of the Treasury show continued home affordability in the housing market, with interest rates near record lows, but the market remains fragile, as prices are unsettled.
Foreclosure starts and completions dropped significantly in November, as lenders review internal servicing procedures. The housing scorecard is a comprehensive report on the nation’s housing market.
The December Housing Scorecard features key data on the health of the housing market including:
Foreclosure starts and completions declined significantly in November. As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed leading to a 21 percent decrease in foreclosure activity in November. While this is the biggest month over month decrease since 2005, the decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
As expected with the expiration of the home buyer tax credit, new and existing home sales have remained below levels seen in the first half of 2010. However, the December report also shows that home prices and home equity declined moderately, as prices remain unsettled at this fragile stage of the recovery.
More than 3.9 million mortgage aid offers were initiated between April 2009 and the end of October 2010 —more than double the number of foreclosure completions during that time. These actions included more than 1.4 million Home Affordable Modification Program (HAMP) trial modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now.
