The nation’s housing market experienced an uptick in home prices this summer, but remains constrained by declines in home values in foreclosures and distressed real estate, the Obama Administration said in its July Housing Scorecard report. The results of the monthly report are compiled by the U.S. Department of Housing and Urban Development and the Treasury. While foreclosures remain a problem for the country, the administration said foreclosure relief initiatives, like the Home Affordable Modification Program, have made significant strides. According to the administration, fewer homeowners fell behind on their mortgages in the month of June, with only 4.4% of prime mortgages classified as 30 or more days late, down from 5.9% in 2010. In May, the delinquency rate was slightly lower at 4.3%. Meanwhile, seriously delinquent prime mortgages – or those classified as being at least 90 days late or in foreclosure – remained 22% below the high of 1.9 million that was reached last year. Write to: Kerri Panchuk.
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