Homeowners’ aggregate home equity across the United States rose $813 billion during the first quarter, according to the Obama Administration’s May Housing Scorecard.
The uptick compares with a $443 billion rise in the previous quarter, marking a “sharp gain,” the monthly report shows.
The administration continues to assist struggling homeowners with its foreclosure mitigation programs and its newly extended Making Home Affordable Program, counting 67% of homeowners with eligible non-GSE mortgages who benefited from principal reduction with their HAMP modifications in April.
“Given the current fragility and recognizing that recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market,” the report states.
Written by Elizabeth Ecker
