HUD and the U.S. Dept. of the Treasury recently released the January edition of the Obama Administration's Housing Scorecard. The latest housing figures show increased new and existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled. Foreclosure starts and completions remained low at the year’s end, as lenders continued to review internal servicing procedures.
The January Housing Scorecard features key data on the health of the housing market including:
• As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed, leading to a lower level of foreclosure activity in December than in prior months. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
• More than 4.1 million modification arrangements were started between April 2009 and the end of December 2010 - more than double the number of foreclosure completions during that time. These actions included more than 1.4 million HAMP trial modification starts, more than 650,000 FHA loss mitigation and early delinquency interventions, and nearly 2 million proprietary modifications under HOPE Now.
• Homeowners in HAMP permanent modifications continue to perform well over time, with re-default rates lower than industry norms. December data for the Making Home Affordable Program (MHA) shows that after 12 months, nearly 85 percent of homeowners remain in a permanent modification. Homeowners in HAMP permanent modifications have already reduced their mortgage obligation by more than $4.5 billion to date.
Source: HUD
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