July Housing Scorecard Reveals Positive Market Features
Home-buying affordability remains at nearly the most attractive levels within the past decade. In addition, the Administration’s Housing Scorecard, a comprehensive report on the nation’s housing market, now tracks the impact of the Department of Housing & Urban Development’s (HUD) Neighborhood Stabilization Program (NSP). The NSP has started making affordably-priced homes available to consumers by prompting local investment, in turn making quite an impact on the market.
HUD Assistant Secretary, Raphael Bostic, says the housing market is performing better than was predicted about a year ago. He credits much of the attractive levels to the efforts of the Obama Administration and says the improved affordability is continuing to provide opportunities for hopeful and qualified homebuyers. Responsible homeowners have been more likely to avoid the painful process of foreclosure.
July Scorecard Highlights
Since April of last year record low rates have helped more than 7.2 million homeowners refinance, which resulted in more established home pricing and $12.9 billion in total borrower savings.
Growth in permanent modification has averaged over 50,000 per month over the last six months due to the Home Affordable Modification Program (HAMP).
As more and more families continue to stay in their homes, household assets keep on the rise with 1.1 trillion in home equity gained.
Over twice as many homeowners have received help compared to homeowners receiving foreclosure completion.