The U.S. housing market continues to mark significant progress across a variety of areas, according to the Obama Administration’s April Housing Scorecard.
As of April, new home sales were at 34,800, up from year-ago levels of 29,300. April’s reading also represented an increase from the previous month’s reading of 34,300.
Existing home sales also increased on a year-over-year basis, reaching 410,000 in April, compared to the 371,700 reported in the same month in 2012. Sales declined slightly from the previous month, totaling 412,500 this past March.
The number of completed foreclosures also fell on a year-over-year basis, reading 35,000 in April, compared to 51,400 for the same period last year.
“The Obama Administration’s efforts to speed the housing recovery are showing continued progress as the April scorecard indicators highlight ongoing improvements throughout the housing market,” said Kurt Usowski, deputy assistant secretary for economic affairs at the Department of Housing and Urban Development (HUD).
The Administration attributes a decline in the number of completed foreclosures to its assistance programs that provide relief for millions of the nation’s homeowners.
Nearly 1.6 million of these assistance actions have taken place through the Administration’s Making Home Affordable Program (MHAP).
Another program, the Home Affordable Modification Program (HAMP) has helped more than 1.1 homeowners receive a permanent modification as of March.
Through HAMP, homeowners have saved approximately $546 on their mortgage payments each month, and an estimated $19.1 billion to date, according to the scorecard’s data compiled in part by the HUD and U.S. Treasury Department.
Additionally, the scorecard acknowledged the efforts of the Federal Housing Administration, which has offered more than 1.7 million loss mitigation and early delinquency interventions as of April 2013.
“The Administration’s programs have improved outcomes for homeowners by setting new standards for mortgage assistance and putting into place unprecedented consumer protections,” said Tim Massad, treasury assistant secretary for financial stability.
Written by Jason Oliva
