Obama Administration Scorecard Tracks Housing Data, Foreclosure Mediation
The Obama Administration released the first edition of its monthly housing scorecard that tracks housing market indicators as well as efforts by the Federal Housing Administration (FHA) and the Making Home Affordable programs to prevent foreclosures. The monthly report (download here) is an aggregate of housing initiative reports, including the most recent Home Affordable Modification Program (HAMP) numbers, which showed that servicers completed 47,700 permanent modifications in May, down approximately 30% from the 68,100 completed in April. Since the program launched in March 2009, a total of 340,459 modifications have gone permanent and are active through the program, or approximately 11.3% to 8.5% of the projected 3m to 4m modifications the program is expected to generate by its expiration in December 2012. "For the first time we have comprehensive data that shows how all of the administration's unprecedented housing recovery efforts are working and the results they're producing in our neighborhoods and communities," Department of Housing and Urban Development (HUD) secretary Shaun Donovan said in a conference call with reporters. "The scorecard we release today helps the public connect the dots so that people can see for themselves how the steps we took are impacting their families, their neighborhoods and our economy," Donovan continued. The scorecard also reported that more than 839,000 borrowers received counseling from a HUD-approved agency during Q110, bringing the total number of borrowers receiving counseling to 3.56m since April 1, 2009. The report also cites Federal Reserve Board data that showed during Q110, aggregate home equity in the United States increased $28.6bn, bringing the total increase in home equity to more than $1trn since April 1, 2009. A section of the scorecard covers housing indicators, including the HUD and Census Bureau home sales data, the Standard & Poor's (S&P)/Case-Shiller home price index, mortgage origination data, mortgage delinquency rates, as well as CoreLogic (CLGX) projections on the number of underwater homeowners. Write to Austin Kilgore. The author held no relevant investments.