Thursday, April 17, 2014
The Department of Housing and Urban Development (HUD) and the Department of the Treasury released the March edition of the Housing Scorecard — a report on the nation’s housing market. The latest data show progress among key indicators. In February, foreclosure starts continued their downward trend and, in January, house prices remained stable. While there are positive trends in the housing market, administration officials caution that the economy is still recovering.
“While there is good news in the March Scorecard, it’s clear the housing market is still in the recovery phase of the cycle,” said HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “The good news is that homeowners’ equity is now over $10 trillion, foreclosure starts are at their lowest levels since 2005, and house prices remain stable, but the recovery is stronger in some markets than in others. Overall, with home sales slowing, too many homeowners still underwater, and mortgage delinquency rates remaining high compared to historic norms, we must sustain our efforts to encourage continuing recovery in the housing market and help responsible homeowners.”
“The administration’s Making Home Affordable program continues to provide assistance to struggling homeowners, with more than 1.3 million homeowners receiving permanent modifications through HAMP,” said Tim Bowler, Treasury acting assistant secretary for financial stability. “In addition, the standards set through the program have helped change the industry and helped millions more avoid foreclosure.”
The March Housing Scorecard features key data on the health of the housing market and the impact of the administration’s foreclosure prevention programs, including:
- House prices remain stable;
- Foreclosure starts are at their lowest level since the end of 2005; and
- The administration’s foreclosure mitigation programs continue to provide relief for millions of homeowners as the recovery from the housing crisis continues.