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A debate is stirring in Michigan over legislation that aims to shorten the redemption period for homeowners in foreclosure, The...
While continuing to chip away at the damage caused by the housing crisis, the overall health of the housing recovery still remains fragile, the Obama Administration said in its latest housing scorecard Friday.
"The Obama Administration’s efforts to speed housing recovery are showing continued progress as the February scorecard indicators highlight ongoing improvements throughout the housing market," said the U.S. Department of Housing and Urban Development Deputy Assistant Secretary for Economic Affairs Kurt Usowski.
Home prices steadily inched forward, with the Case-Shiller home price index hitting 146.0, up from 145.7 in December. This index rose even higher from last year's 136.6 index score.
Existing-home sales rose from 408,300 in January to 410,000 in February, according to data gathered from the National Associations of Realtors, U.S. Census Bureau and HUD.
Many sellers still remain underwater while buyers are ready to buy, causing the housing inventory to continuously shrink. Currently, there is a 4.2-month supply of existing homes for sale, down from January’s 4.5-month supply, according to data from NAR.
The number of underwater borrowers continued to drop, with 10.6 million homeowners still underwater in February, down slightly from 10.78 million in the third quarter of 2012, according toCoreLogic ($26.70 -0.48%) data.
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