The November edition of the Obama Administration's Housing Scorecard shows continued signs of stabilization in house prices and increased home affordability, due in part to record-low mortgage rates, according to the U.S. Dept of Housing and Urban Development (HUD) and the U.S. Dept. of the Treasury.
The November Housing Scorecard features key data on the health of the housing market including:
* An additional 1 million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history on 30-year fixed mortgages.
* As expected with the expiration of the federal home buyer tax credit, new and existing home sales have remained below levels seen in the first half of 2010. At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.
* More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010 -more than double the number of foreclosure completions during that time.
Source: HUD
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