Nearly half of homes on the market had experienced a price reduction at least once in October, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty.
Sellers had cut asking prices on 48.4 percent of listings last month -- a total of 316,097 homes. The number of discounted homes fell 2.2 percent from September but rose 22.4 percent compared to October 2009. (Note: October 2009's figures include a 27th market: Sacramento). Homes had been reduced an average of two times, essentially flat from the same time last year.
Sellers discounted homes for a median $19,423, up 1.4 percent from September, but down 21.4 percent from October 2009. The median list price for homes last month was $241,309, down 1.6 percent month-to-month and 14.3 percent year-over-year.
The ratio of price-reduction amount to list price was 7.5 percent, up from 7.3 percent in September but down from 8.1 percent in October 2009.
Total for-sale inventory fell 3.3 percent month-to-month but rose 10.1 percent year-over-year to 653,811, ZipRealty reported.
In 12 out of 26 markets, more than half of sellers had slashed listing prices: Philadelphia, Pa.; Austin, Texas; Seattle, Wash.; Boston, Mass; Orange County, Calif.; Baltimore, Md.; Tucson, Ariz.; Chicago, Ill.; Orlando, Fla.; Minneapolis/St. Paul, Minn.; Jacksonville, Fla.; and Phoenix, Ariz.
By contrast, only three of 27 markets had seen more than half of their listings discounted in October 2009: Chicago, Jacksonville and Orlando.
For the first time in 2010, Phoenix led the pack last month with 56.1 percent of listings experiencing discounts. Denver, Colo. had the smallest share of discounted listings: 34 percent.
Source: Inman News
Wednesday, November 17, 2010
Friday, November 12, 2010
Comparable sales in New Bern
In the last week there 16 closings in our MLS.
In the same time frame one year ago there were 21 closings. This represents a decrease of almost 24%.
For the entire year sales are just about the same as last year.
New home sales for the year are about the same as last year. The new home inventory is slowly but surely working its way down. Currently there is about a 11 month inventory of new homes on the market. A stable market is generally defined as a 6 month inventory.
In the same time frame one year ago there were 21 closings. This represents a decrease of almost 24%.
For the entire year sales are just about the same as last year.
New home sales for the year are about the same as last year. The new home inventory is slowly but surely working its way down. Currently there is about a 11 month inventory of new homes on the market. A stable market is generally defined as a 6 month inventory.
Tuesday, November 09, 2010
Good news for interest rates
Bankrate: Mortgage Rates Return to Record Low Territory
RISMEDIA, November 9, 2010--Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent.
Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn't alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now.
SURVEY RESULTS
•30-year fixed: 4.42% -- down from 4.51% last week (avg. points: 0.37)
•15-year fixed: 3.81% -- down from 3.90% last week (avg. points: 0.28)
•5/1 ARM: 3.57% -- down from 3.67% last week (avg. points: 0.34)
RISMEDIA, November 9, 2010--Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent.
Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn't alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now.
SURVEY RESULTS
•30-year fixed: 4.42% -- down from 4.51% last week (avg. points: 0.37)
•15-year fixed: 3.81% -- down from 3.90% last week (avg. points: 0.28)
•5/1 ARM: 3.57% -- down from 3.67% last week (avg. points: 0.34)
Sunday, November 07, 2010
October Housing Report
The Administration’s goal is to promote stability for both the housing
market and homeowners. To meet these objectives in the context of
a very challenging market, the Administration developed a broad
approach implementing state and local housing agency initiatives, tax
credits for homebuyers, neighborhood stabilization and community
development programs, mortgage modifi cations and refi nancing,
continued Federal Housing Administration (FHA) engagement, and
support for Fannie Mae and Freddie Mac. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administration’s efforts can be found in the Appendix.
October 2010 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after
taking offi ce in February 2009. The October 2010 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• Families continued to benefit from the lowest rates in
history on 30-year fixed mortgages. Since April of 2009,
record low rates have helped more than 7.1 million homeowners
to refi nance, resulting in more stable home prices and $12.7
billion in total borrower savings.
• As expected with the expiration of the Homebuyer Tax
Credit, new and existing home sales remained below
levels seen in the first half of 2010. At the same time, home
prices remained level in the past year after 33 straight months of
decline and homeowners added $95 billion in home equity in the
second quarter.
• More than 3.52 million modification arrangements were
started between April 2009 and the end of August 2010
—nearly triple the number of foreclosure completions
during that time. These included more than 1.3 million trial
Home Affordable Modifi cation Program (HAMP) modifi cation
starts, more than 510,000 Federal Housing Administration (FHA)
loss mitigation and early delinquency interventions, and more
than 1.6 million proprietary modifi cations under HOPE Now.
While some homeowners may have received help from more than
one program, the number of agreements offered nearly tripled
foreclosure completions for the same period (1.3 million).
• At nine months, almost 90 percent of homeowners
remain in their permanent HAMP modification, with 11
percent defaulted. Early data indicate that HAMP permanent
modifi cations are performing well over time, with lower
delinquency rates than those reported by the industry at large.
At nine months, less than 16 percent of permanent modifi cations
are 60+ days delinquent. To view the September HAMP Servicer
Performance Report, visit: http://www.fi nancialstability.gov/
docs/Sept%20MHA%20Public%202010.pdf
Data in the scorecard also show that the recovery in the housing
market continues to remain fragile, for example, foreclosure
completions continue to move upward and a large supply of homes
are being held off the market. While the recovery will take place over
time, the Administration remains committed to its efforts to prevent
avoidable foreclosures and stabilize the housing market.
The impact of recent new and expanded resources is expected to
contribute to progress captured in future Housing Scorecards. For
example, in July the Federal Housing Administration (FHA) announced
a short refi nance option targeted to help people who owe more on
their mortgage than their home is worth because their local markets
saw large declines in home values. The option will allow certain
underwater non-FHA borrowers – those current on their existing
mortgage and whose lenders agree to write off at least 10 percent of
the unpaid principal balance of the fi rst mortgage – the opportunity to
qualify for a new FHA-insured mortgage.
U.S. Department of Housing and Urban Development
Office of Policy Development and Research
e Obama Administration’s E orts
To Stabilize e Housing Market
and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
House Prices Show Signs Of Stabilizing
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Mortgage Aid Has Been Extended More an 3 Million Times,
Outpacing Foreclosures
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Homeowners Save From Reduced Mortgage Payments
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FHA Supports Mortgage Lending During Crisis
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Housing Counselors Serve Millions Of Families
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
HOUSING MARKET FACT SHEET
Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release
Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10
Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10
Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
148.9
192.4
148.0
193.4
144.3
198.9
150.5
198.9
July-10
July-10
Home Sales (thousands, SA)
New
Existing
First Time Buyers
24.0
344.2
173.0 (p)
24.0
320.0
161.7
33.8
425.0
215.6
31.4
395.0
174.8
August-10
August-10
August-10
Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months,SA)
Vacant Units Held Off Market (thousands)
3,982
11.6
206
8.6
3,743
4,007
12.5
209
8.7
3,628
3,924
9.2
262
7.8
3,501
3,700
9.4
353
11.2
3,508
August-10
August-10
August-10
August-10
2nd Q 10
Mortgage Originations (thousands)
Refi nance Originations
Purchase Originations
1,132.7
925.0
1,050.9
614.7
1,941.0
992.4 (r)
767.2
986.4
2nd Q 10
2nd Q 10
FHA Originations (thousands)
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
47.4
63.5
44.5
(p)
(p)
(p)
51.7
67.2
44.9
(r)
(r)
(r)
60.6
103.4
84.6
62.9
72.7
56.2
September-10
September-10
September-10
Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA
5.2
36.4
12.4
5.2
36.2
12.5
5.8
36.3
14.7
4.4
34.1
14.3
September-10
September-10
August-10
Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
1747.0
1974.9
558.0
1,782.3
1,960.6
559.6
1760.7
1964.6
453.0
912.8
1,642.1
333.1
September-10
September-10
August-10
Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
102.4
142.9
102.1
18.7 (p)
96.5
147.0
95.4
29.1
122.2
133.7
87.8
22.9
121.5
103.0
78.9
13.8
September-10
September-10
September-10
July-10
HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release
Distressed Homeowners Assisted (thousands)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
35.3
27.8
56.4
115.8
26.6
33.3
39.2
120.4
1,369.4
495.9
568.1
1,675.6
September-10
September-10
September-10
August-10
Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10
Borrower Annual Savings ($ millions)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
--
--
--
--
--
--
2,313.3
2,407.5
12,737.3
2nd Q 10
2nd Q 10
2nd Q 10
Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
3,033
1,041
1,147
2,537
667
1,094
9,249 [36,292]
2,987 [8,252]
3,768 [18,000]
(b)
(b)
(b)
2nd Q 10
2nd Q 10
2nd Q 10
Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10
SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
A. Items in Tables
Description Frequency Sources Notes on Methodology
Distressed Homeowners Assisted
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
Monthy
Monthy
Monthy
Monthy
Treasury
Treasury
HUD
Hope Now Alliance
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifi cations completed.
Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.
Borrower Annual Savings
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
Quarterly
Quarterly
Quarterly
HUD, Treasury, and Freddie Mac
HUD and Treasury
HUD, and MBA
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifi cations and median monthly savings estimates.
Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.
Completed Activities Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Quarterly
Quarterly
Quarterly
HUD
HUD
HUD
Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.
Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).
Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifi es that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
Monthy
Monthy
Standard and Poor’s
Federal Housing Finance Agency
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s
recommends use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
Home Sales (SA)
New
Existing
First Time Buyers
Monthy
Monthy
Monthy
HUD and Census Bureau
National Association of Realtors ®
NAR, Census Bureau, and HUD
Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,
townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.
Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market
Monthly
Monthly
Monthly
Monthly
Quarterly
National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau
As reported.
As reported.
As reported.
As reported.
As reported.
Mortgage Originations
Refi nance Originations
Purchase Originations
Quarterly
Quarterly
Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD
HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of
home purchase originations.
FHA Originations
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
Monthy
Monthy
Monthy
HUD
HUD
HUD
FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA
Monthy
Monthy
Monthy
LPS-McDash Analytics
LPS-McDash Analytics
HUD
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.
Seriously Delinquent Mortgages
Prime
Subprime
FHA
Monthly
Monthly
Monthly
LPS-McDash, MBA, and HUD
LPS-McDash, MBA, and HUD
HUD
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure.
Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to
the third quarter of 2009 are adjusted to be compatible with current estimates.
Foreclosure Actions
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short sales
Monthly
Monthly
Monthly
Monthly
Realty Trac
Realty Trac
Realty Trac
Core Logic
Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the fi ling of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.
5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by
Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned
(REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in
“Mortgage Originations” above.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
The Administration has taken a broad set of actions to stabilize the housing market and help American
homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,
limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who
had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also
found themselves unable to refi nance at lower mortgage rates.
In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner
Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration
has taken the following actions to strengthen the housing market:
• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;
• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage
backed securities through independent MBS purchase programs, helping to keep mortgage rates at
historic lows;
• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels
and to prevent avoidable foreclosures;
• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership
and rental resources;
• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families
purchase homes;
• Provided more than $5 billion in support for affordable rental housing through low income housing tax
credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore
neighborhoods hardest hit by the concentrated foreclosures;
• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the
nation’s hardest hit housing markets.
• Supported home purchase and refi nance activity through the FHA to provide access to affordable
mortgage capital and help homeowners prevent foreclosures.
###
AppendixThe Administration’s goal is to promote stability for both the housing
market and homeowners. To meet these objectives in the context of
a very challenging market, the Administration developed a broad
approach implementing state and local housing agency initiatives, tax
credits for homebuyers, neighborhood stabilization and community
development programs, mortgage modifi cations and refi nancing,
continued Federal Housing Administration (FHA) engagement, and
support for Fannie Mae and Freddie Mac. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administration’s efforts can be found in the Appendix.
October 2010 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after
taking offi ce in February 2009. The October 2010 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• Families continued to benefit from the lowest rates in
history on 30-year fixed mortgages. Since April of 2009,
record low rates have helped more than 7.1 million homeowners
to refi nance, resulting in more stable home prices and $12.7
billion in total borrower savings.
• As expected with the expiration of the Homebuyer Tax
Credit, new and existing home sales remained below
levels seen in the first half of 2010. At the same time, home
prices remained level in the past year after 33 straight months of
decline and homeowners added $95 billion in home equity in the
second quarter.
• More than 3.52 million modification arrangements were
started between April 2009 and the end of August 2010
—nearly triple the number of foreclosure completions
during that time. These included more than 1.3 million trial
Home Affordable Modifi cation Program (HAMP) modifi cation
starts, more than 510,000 Federal Housing Administration (FHA)
loss mitigation and early delinquency interventions, and more
than 1.6 million proprietary modifi cations under HOPE Now.
While some homeowners may have received help from more than
one program, the number of agreements offered nearly tripled
foreclosure completions for the same period (1.3 million).
• At nine months, almost 90 percent of homeowners
remain in their permanent HAMP modification, with 11
percent defaulted. Early data indicate that HAMP permanent
modifi cations are performing well over time, with lower
delinquency rates than those reported by the industry at large.
At nine months, less than 16 percent of permanent modifi cations
are 60+ days delinquent. To view the September HAMP Servicer
Performance Report, visit: http://www.fi nancialstability.gov/
docs/Sept%20MHA%20Public%202010.pdf
Data in the scorecard also show that the recovery in the housing
market continues to remain fragile, for example, foreclosure
completions continue to move upward and a large supply of homes
are being held off the market. While the recovery will take place over
time, the Administration remains committed to its efforts to prevent
avoidable foreclosures and stabilize the housing market.
The impact of recent new and expanded resources is expected to
contribute to progress captured in future Housing Scorecards. For
example, in July the Federal Housing Administration (FHA) announced
a short refi nance option targeted to help people who owe more on
their mortgage than their home is worth because their local markets
saw large declines in home values. The option will allow certain
underwater non-FHA borrowers – those current on their existing
mortgage and whose lenders agree to write off at least 10 percent of
the unpaid principal balance of the fi rst mortgage – the opportunity to
qualify for a new FHA-insured mortgage.
U.S. Department of Housing and Urban Development
Office of Policy Development and Research
e Obama Administration’s E orts
To Stabilize e Housing Market
and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
House Prices Show Signs Of Stabilizing
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Expectations On House Prices Have Shifted Up From 2009
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Mortgage Aid Has Been Extended More an 3 Million Times,
Outpacing Foreclosures
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7.1 Million Homeowners Have Refinanced Since April 1, 2009
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Homeowners Save From Reduced Mortgage Payments
€ ‚
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Housing Counselors Serve Millions Of Families
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
HOUSING MARKET FACT SHEET
Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release
Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10
Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10
Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
148.9
192.4
148.0
193.4
144.3
198.9
150.5
198.9
July-10
July-10
Home Sales (thousands, SA)
New
Existing
First Time Buyers
24.0
344.2
173.0 (p)
24.0
320.0
161.7
33.8
425.0
215.6
31.4
395.0
174.8
August-10
August-10
August-10
Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months,SA)
Vacant Units Held Off Market (thousands)
3,982
11.6
206
8.6
3,743
4,007
12.5
209
8.7
3,628
3,924
9.2
262
7.8
3,501
3,700
9.4
353
11.2
3,508
August-10
August-10
August-10
August-10
2nd Q 10
Mortgage Originations (thousands)
Refi nance Originations
Purchase Originations
1,132.7
925.0
1,050.9
614.7
1,941.0
992.4 (r)
767.2
986.4
2nd Q 10
2nd Q 10
FHA Originations (thousands)
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
47.4
63.5
44.5
(p)
(p)
(p)
51.7
67.2
44.9
(r)
(r)
(r)
60.6
103.4
84.6
62.9
72.7
56.2
September-10
September-10
September-10
Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA
5.2
36.4
12.4
5.2
36.2
12.5
5.8
36.3
14.7
4.4
34.1
14.3
September-10
September-10
August-10
Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
1747.0
1974.9
558.0
1,782.3
1,960.6
559.6
1760.7
1964.6
453.0
912.8
1,642.1
333.1
September-10
September-10
August-10
Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
102.4
142.9
102.1
18.7 (p)
96.5
147.0
95.4
29.1
122.2
133.7
87.8
22.9
121.5
103.0
78.9
13.8
September-10
September-10
September-10
July-10
HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release
Distressed Homeowners Assisted (thousands)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
35.3
27.8
56.4
115.8
26.6
33.3
39.2
120.4
1,369.4
495.9
568.1
1,675.6
September-10
September-10
September-10
August-10
Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10
Borrower Annual Savings ($ millions)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
--
--
--
--
--
--
2,313.3
2,407.5
12,737.3
2nd Q 10
2nd Q 10
2nd Q 10
Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
3,033
1,041
1,147
2,537
667
1,094
9,249 [36,292]
2,987 [8,252]
3,768 [18,000]
(b)
(b)
(b)
2nd Q 10
2nd Q 10
2nd Q 10
Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10
SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
A. Items in Tables
Description Frequency Sources Notes on Methodology
Distressed Homeowners Assisted
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
Monthy
Monthy
Monthy
Monthy
Treasury
Treasury
HUD
Hope Now Alliance
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifi cations completed.
Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.
Borrower Annual Savings
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
Quarterly
Quarterly
Quarterly
HUD, Treasury, and Freddie Mac
HUD and Treasury
HUD, and MBA
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifi cations and median monthly savings estimates.
Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.
Completed Activities Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Quarterly
Quarterly
Quarterly
HUD
HUD
HUD
Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.
Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).
Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifi es that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
Monthy
Monthy
Standard and Poor’s
Federal Housing Finance Agency
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s
recommends use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
Home Sales (SA)
New
Existing
First Time Buyers
Monthy
Monthy
Monthy
HUD and Census Bureau
National Association of Realtors ®
NAR, Census Bureau, and HUD
Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,
townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.
Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market
Monthly
Monthly
Monthly
Monthly
Quarterly
National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau
As reported.
As reported.
As reported.
As reported.
As reported.
Mortgage Originations
Refi nance Originations
Purchase Originations
Quarterly
Quarterly
Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD
HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of
home purchase originations.
FHA Originations
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
Monthy
Monthy
Monthy
HUD
HUD
HUD
FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA
Monthy
Monthy
Monthy
LPS-McDash Analytics
LPS-McDash Analytics
HUD
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.
Seriously Delinquent Mortgages
Prime
Subprime
FHA
Monthly
Monthly
Monthly
LPS-McDash, MBA, and HUD
LPS-McDash, MBA, and HUD
HUD
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure.
Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to
the third quarter of 2009 are adjusted to be compatible with current estimates.
Foreclosure Actions
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short sales
Monthly
Monthly
Monthly
Monthly
Realty Trac
Realty Trac
Realty Trac
Core Logic
Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the fi ling of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.
5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by
Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned
(REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in
“Mortgage Originations” above.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
The Administration has taken a broad set of actions to stabilize the housing market and help American
homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,
limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who
had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also
found themselves unable to refi nance at lower mortgage rates.
In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner
Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration
has taken the following actions to strengthen the housing market:
• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;
• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage
backed securities through independent MBS purchase programs, helping to keep mortgage rates at
historic lows;
• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels
and to prevent avoidable foreclosures;
• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership
and rental resources;
• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families
purchase homes;
• Provided more than $5 billion in support for affordable rental housing through low income housing tax
credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore
neighborhoods hardest hit by the concentrated foreclosures;
• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the
nation’s hardest hit housing markets.
• Supported home purchase and refi nance activity through the FHA to provide access to affordable
mortgage capital and help homeowners prevent foreclosures.
###
AppendixThe Administration’s goal is to promote stability for both the housing
market and homeowners. To meet these objectives in the context of
a very challenging market, the Administration developed a broad
approach implementing state and local housing agency initiatives, tax
credits for homebuyers, neighborhood stabilization and community
development programs, mortgage modifi cations and refi nancing,
continued Federal Housing Administration (FHA) engagement, and
support for Fannie Mae and Freddie Mac. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administration’s efforts can be found in the Appendix.
October 2010 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after
taking offi ce in February 2009. The October 2010 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• Families continued to benefit from the lowest rates in
history on 30-year fixed mortgages. Since April of 2009,
record low rates have helped more than 7.1 million homeowners
to refi nance, resulting in more stable home prices and $12.7
billion in total borrower savings.
• As expected with the expiration of the Homebuyer Tax
Credit, new and existing home sales remained below
levels seen in the first half of 2010. At the same time, home
prices remained level in the past year after 33 straight months of
decline and homeowners added $95 billion in home equity in the
second quarter.
• More than 3.52 million modification arrangements were
started between April 2009 and the end of August 2010
—nearly triple the number of foreclosure completions
during that time. These included more than 1.3 million trial
Home Affordable Modifi cation Program (HAMP) modifi cation
starts, more than 510,000 Federal Housing Administration (FHA)
loss mitigation and early delinquency interventions, and more
than 1.6 million proprietary modifi cations under HOPE Now.
While some homeowners may have received help from more than
one program, the number of agreements offered nearly tripled
foreclosure completions for the same period (1.3 million).
• At nine months, almost 90 percent of homeowners
remain in their permanent HAMP modification, with 11
percent defaulted. Early data indicate that HAMP permanent
modifi cations are performing well over time, with lower
delinquency rates than those reported by the industry at large.
At nine months, less than 16 percent of permanent modifi cations
are 60+ days delinquent. To view the September HAMP Servicer
Performance Report, visit: http://www.fi nancialstability.gov/
docs/Sept%20MHA%20Public%202010.pdf
Data in the scorecard also show that the recovery in the housing
market continues to remain fragile, for example, foreclosure
completions continue to move upward and a large supply of homes
are being held off the market. While the recovery will take place over
time, the Administration remains committed to its efforts to prevent
avoidable foreclosures and stabilize the housing market.
The impact of recent new and expanded resources is expected to
contribute to progress captured in future Housing Scorecards. For
example, in July the Federal Housing Administration (FHA) announced
a short refi nance option targeted to help people who owe more on
their mortgage than their home is worth because their local markets
saw large declines in home values. The option will allow certain
underwater non-FHA borrowers – those current on their existing
mortgage and whose lenders agree to write off at least 10 percent of
the unpaid principal balance of the fi rst mortgage – the opportunity to
qualify for a new FHA-insured mortgage.
U.S. Department of Housing and Urban Development
Office of Policy Development and Research
e Obama Administration’s E orts
To Stabilize e Housing Market
and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
House Prices Show Signs Of Stabilizing
€‚
ƒ
‚
„… †
Existing And New Home Sales
€
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„… ƒ †
‡ …
ˆ †
ƒ …
Existing Homes On e Market Below Peak, But Number Of
Units Held Off e Market Has Increased
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‡ ˆ
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‰ˆˆ
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Expectations On House Prices Have Shifted Up From 2009
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•
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Mortgage Aid Has Been Extended More an 3 Million Times,
Outpacing Foreclosures
€
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Mortgage Rates Fall To Record Low And Affordability Index Remains High
€
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‡ ˆ
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„
Foreclosure Starts And Completions Remain Elevated
€ € ‚ ƒ € €
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€
… †
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ƒ
7.1 Million Homeowners Have Refinanced Since April 1, 2009
ˆ ‰ Š €€
€ €
‹ Œ
€
Ž‘’
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Homeowners Save From Reduced Mortgage Payments
€ ‚
ƒ € „ € … € †‡‚
ˆ ‰€ Š ‚
‹
Œ
‹
Home Equity Up More an $1 Trillion Since First Quarter 2009
Ž‘ ’ “” Š “ “
„
ƒ …
‚
•
•
FHA Supports Mortgage Lending During Crisis
… Š
Ž – „
Š — –
ƒ †‡‚
ˆ Œ€ Š ‚
•
•
Housing Counselors Serve Millions Of Families
—
Š — €
ƒ †‡‚
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
HOUSING MARKET FACT SHEET
Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release
Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10
Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10
Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
148.9
192.4
148.0
193.4
144.3
198.9
150.5
198.9
July-10
July-10
Home Sales (thousands, SA)
New
Existing
First Time Buyers
24.0
344.2
173.0 (p)
24.0
320.0
161.7
33.8
425.0
215.6
31.4
395.0
174.8
August-10
August-10
August-10
Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months,SA)
Vacant Units Held Off Market (thousands)
3,982
11.6
206
8.6
3,743
4,007
12.5
209
8.7
3,628
3,924
9.2
262
7.8
3,501
3,700
9.4
353
11.2
3,508
August-10
August-10
August-10
August-10
2nd Q 10
Mortgage Originations (thousands)
Refi nance Originations
Purchase Originations
1,132.7
925.0
1,050.9
614.7
1,941.0
992.4 (r)
767.2
986.4
2nd Q 10
2nd Q 10
FHA Originations (thousands)
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
47.4
63.5
44.5
(p)
(p)
(p)
51.7
67.2
44.9
(r)
(r)
(r)
60.6
103.4
84.6
62.9
72.7
56.2
September-10
September-10
September-10
Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA
5.2
36.4
12.4
5.2
36.2
12.5
5.8
36.3
14.7
4.4
34.1
14.3
September-10
September-10
August-10
Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
1747.0
1974.9
558.0
1,782.3
1,960.6
559.6
1760.7
1964.6
453.0
912.8
1,642.1
333.1
September-10
September-10
August-10
Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
102.4
142.9
102.1
18.7 (p)
96.5
147.0
95.4
29.1
122.2
133.7
87.8
22.9
121.5
103.0
78.9
13.8
September-10
September-10
September-10
July-10
HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release
Distressed Homeowners Assisted (thousands)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
35.3
27.8
56.4
115.8
26.6
33.3
39.2
120.4
1,369.4
495.9
568.1
1,675.6
September-10
September-10
September-10
August-10
Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10
Borrower Annual Savings ($ millions)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
--
--
--
--
--
--
2,313.3
2,407.5
12,737.3
2nd Q 10
2nd Q 10
2nd Q 10
Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
3,033
1,041
1,147
2,537
667
1,094
9,249 [36,292]
2,987 [8,252]
3,768 [18,000]
(b)
(b)
(b)
2nd Q 10
2nd Q 10
2nd Q 10
Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10
SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
A. Items in Tables
Description Frequency Sources Notes on Methodology
Distressed Homeowners Assisted
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
Monthy
Monthy
Monthy
Monthy
Treasury
Treasury
HUD
Hope Now Alliance
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifi cations completed.
Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.
Borrower Annual Savings
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
Quarterly
Quarterly
Quarterly
HUD, Treasury, and Freddie Mac
HUD and Treasury
HUD, and MBA
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifi cations and median monthly savings estimates.
Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.
Completed Activities Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Quarterly
Quarterly
Quarterly
HUD
HUD
HUD
Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.
Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).
Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifi es that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
Monthy
Monthy
Standard and Poor’s
Federal Housing Finance Agency
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s
recommends use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
Home Sales (SA)
New
Existing
First Time Buyers
Monthy
Monthy
Monthy
HUD and Census Bureau
National Association of Realtors ®
NAR, Census Bureau, and HUD
Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,
townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.
Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market
Monthly
Monthly
Monthly
Monthly
Quarterly
National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau
As reported.
As reported.
As reported.
As reported.
As reported.
Mortgage Originations
Refi nance Originations
Purchase Originations
Quarterly
Quarterly
Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD
HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of
home purchase originations.
FHA Originations
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
Monthy
Monthy
Monthy
HUD
HUD
HUD
FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA
Monthy
Monthy
Monthy
LPS-McDash Analytics
LPS-McDash Analytics
HUD
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.
Seriously Delinquent Mortgages
Prime
Subprime
FHA
Monthly
Monthly
Monthly
LPS-McDash, MBA, and HUD
LPS-McDash, MBA, and HUD
HUD
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure.
Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to
the third quarter of 2009 are adjusted to be compatible with current estimates.
Foreclosure Actions
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short sales
Monthly
Monthly
Monthly
Monthly
Realty Trac
Realty Trac
Realty Trac
Core Logic
Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the fi ling of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.
5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by
Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned
(REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in
“Mortgage Originations” above.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
The Administration has taken a broad set of actions to stabilize the housing market and help American
homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,
limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who
had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also
found themselves unable to refi nance at lower mortgage rates.
In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner
Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration
has taken the following actions to strengthen the housing market:
• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;
• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage
backed securities through independent MBS purchase programs, helping to keep mortgage rates at
historic lows;
• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels
and to prevent avoidable foreclosures;
• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership
and rental resources;
• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families
purchase homes;
• Provided more than $5 billion in support for affordable rental housing through low income housing tax
credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore
neighborhoods hardest hit by the concentrated foreclosures;
• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the
nation’s hardest hit housing markets.
• Supported home purchase and refi nance activity through the FHA to provide access to affordable
mortgage capital and help homeowners prevent foreclosures.
###
Appendix
market and homeowners. To meet these objectives in the context of
a very challenging market, the Administration developed a broad
approach implementing state and local housing agency initiatives, tax
credits for homebuyers, neighborhood stabilization and community
development programs, mortgage modifi cations and refi nancing,
continued Federal Housing Administration (FHA) engagement, and
support for Fannie Mae and Freddie Mac. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administration’s efforts can be found in the Appendix.
October 2010 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after
taking offi ce in February 2009. The October 2010 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• Families continued to benefit from the lowest rates in
history on 30-year fixed mortgages. Since April of 2009,
record low rates have helped more than 7.1 million homeowners
to refi nance, resulting in more stable home prices and $12.7
billion in total borrower savings.
• As expected with the expiration of the Homebuyer Tax
Credit, new and existing home sales remained below
levels seen in the first half of 2010. At the same time, home
prices remained level in the past year after 33 straight months of
decline and homeowners added $95 billion in home equity in the
second quarter.
• More than 3.52 million modification arrangements were
started between April 2009 and the end of August 2010
—nearly triple the number of foreclosure completions
during that time. These included more than 1.3 million trial
Home Affordable Modifi cation Program (HAMP) modifi cation
starts, more than 510,000 Federal Housing Administration (FHA)
loss mitigation and early delinquency interventions, and more
than 1.6 million proprietary modifi cations under HOPE Now.
While some homeowners may have received help from more than
one program, the number of agreements offered nearly tripled
foreclosure completions for the same period (1.3 million).
• At nine months, almost 90 percent of homeowners
remain in their permanent HAMP modification, with 11
percent defaulted. Early data indicate that HAMP permanent
modifi cations are performing well over time, with lower
delinquency rates than those reported by the industry at large.
At nine months, less than 16 percent of permanent modifi cations
are 60+ days delinquent. To view the September HAMP Servicer
Performance Report, visit: http://www.fi nancialstability.gov/
docs/Sept%20MHA%20Public%202010.pdf
Data in the scorecard also show that the recovery in the housing
market continues to remain fragile, for example, foreclosure
completions continue to move upward and a large supply of homes
are being held off the market. While the recovery will take place over
time, the Administration remains committed to its efforts to prevent
avoidable foreclosures and stabilize the housing market.
The impact of recent new and expanded resources is expected to
contribute to progress captured in future Housing Scorecards. For
example, in July the Federal Housing Administration (FHA) announced
a short refi nance option targeted to help people who owe more on
their mortgage than their home is worth because their local markets
saw large declines in home values. The option will allow certain
underwater non-FHA borrowers – those current on their existing
mortgage and whose lenders agree to write off at least 10 percent of
the unpaid principal balance of the fi rst mortgage – the opportunity to
qualify for a new FHA-insured mortgage.
U.S. Department of Housing and Urban Development
Office of Policy Development and Research
e Obama Administration’s E orts
To Stabilize e Housing Market
and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
House Prices Show Signs Of Stabilizing
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Mortgage Aid Has Been Extended More an 3 Million Times,
Outpacing Foreclosures
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Mortgage Rates Fall To Record Low And Affordability Index Remains High
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Foreclosure Starts And Completions Remain Elevated
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7.1 Million Homeowners Have Refinanced Since April 1, 2009
ˆ ‰ Š €€
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Homeowners Save From Reduced Mortgage Payments
€ ‚
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Home Equity Up More an $1 Trillion Since First Quarter 2009
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FHA Supports Mortgage Lending During Crisis
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Housing Counselors Serve Millions Of Families
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
HOUSING MARKET FACT SHEET
Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release
Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10
Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10
Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
148.9
192.4
148.0
193.4
144.3
198.9
150.5
198.9
July-10
July-10
Home Sales (thousands, SA)
New
Existing
First Time Buyers
24.0
344.2
173.0 (p)
24.0
320.0
161.7
33.8
425.0
215.6
31.4
395.0
174.8
August-10
August-10
August-10
Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months,SA)
Vacant Units Held Off Market (thousands)
3,982
11.6
206
8.6
3,743
4,007
12.5
209
8.7
3,628
3,924
9.2
262
7.8
3,501
3,700
9.4
353
11.2
3,508
August-10
August-10
August-10
August-10
2nd Q 10
Mortgage Originations (thousands)
Refi nance Originations
Purchase Originations
1,132.7
925.0
1,050.9
614.7
1,941.0
992.4 (r)
767.2
986.4
2nd Q 10
2nd Q 10
FHA Originations (thousands)
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
47.4
63.5
44.5
(p)
(p)
(p)
51.7
67.2
44.9
(r)
(r)
(r)
60.6
103.4
84.6
62.9
72.7
56.2
September-10
September-10
September-10
Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA
5.2
36.4
12.4
5.2
36.2
12.5
5.8
36.3
14.7
4.4
34.1
14.3
September-10
September-10
August-10
Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
1747.0
1974.9
558.0
1,782.3
1,960.6
559.6
1760.7
1964.6
453.0
912.8
1,642.1
333.1
September-10
September-10
August-10
Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
102.4
142.9
102.1
18.7 (p)
96.5
147.0
95.4
29.1
122.2
133.7
87.8
22.9
121.5
103.0
78.9
13.8
September-10
September-10
September-10
July-10
HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release
Distressed Homeowners Assisted (thousands)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
35.3
27.8
56.4
115.8
26.6
33.3
39.2
120.4
1,369.4
495.9
568.1
1,675.6
September-10
September-10
September-10
August-10
Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10
Borrower Annual Savings ($ millions)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
--
--
--
--
--
--
2,313.3
2,407.5
12,737.3
2nd Q 10
2nd Q 10
2nd Q 10
Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
3,033
1,041
1,147
2,537
667
1,094
9,249 [36,292]
2,987 [8,252]
3,768 [18,000]
(b)
(b)
(b)
2nd Q 10
2nd Q 10
2nd Q 10
Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10
SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
A. Items in Tables
Description Frequency Sources Notes on Methodology
Distressed Homeowners Assisted
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
Monthy
Monthy
Monthy
Monthy
Treasury
Treasury
HUD
Hope Now Alliance
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifi cations completed.
Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.
Borrower Annual Savings
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
Quarterly
Quarterly
Quarterly
HUD, Treasury, and Freddie Mac
HUD and Treasury
HUD, and MBA
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifi cations and median monthly savings estimates.
Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.
Completed Activities Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Quarterly
Quarterly
Quarterly
HUD
HUD
HUD
Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.
Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).
Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifi es that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
Monthy
Monthy
Standard and Poor’s
Federal Housing Finance Agency
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s
recommends use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
Home Sales (SA)
New
Existing
First Time Buyers
Monthy
Monthy
Monthy
HUD and Census Bureau
National Association of Realtors ®
NAR, Census Bureau, and HUD
Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,
townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.
Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market
Monthly
Monthly
Monthly
Monthly
Quarterly
National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau
As reported.
As reported.
As reported.
As reported.
As reported.
Mortgage Originations
Refi nance Originations
Purchase Originations
Quarterly
Quarterly
Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD
HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of
home purchase originations.
FHA Originations
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
Monthy
Monthy
Monthy
HUD
HUD
HUD
FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA
Monthy
Monthy
Monthy
LPS-McDash Analytics
LPS-McDash Analytics
HUD
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.
Seriously Delinquent Mortgages
Prime
Subprime
FHA
Monthly
Monthly
Monthly
LPS-McDash, MBA, and HUD
LPS-McDash, MBA, and HUD
HUD
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure.
Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to
the third quarter of 2009 are adjusted to be compatible with current estimates.
Foreclosure Actions
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short sales
Monthly
Monthly
Monthly
Monthly
Realty Trac
Realty Trac
Realty Trac
Core Logic
Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the fi ling of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.
5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by
Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned
(REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in
“Mortgage Originations” above.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
The Administration has taken a broad set of actions to stabilize the housing market and help American
homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,
limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who
had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also
found themselves unable to refi nance at lower mortgage rates.
In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner
Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration
has taken the following actions to strengthen the housing market:
• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;
• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage
backed securities through independent MBS purchase programs, helping to keep mortgage rates at
historic lows;
• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels
and to prevent avoidable foreclosures;
• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership
and rental resources;
• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families
purchase homes;
• Provided more than $5 billion in support for affordable rental housing through low income housing tax
credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore
neighborhoods hardest hit by the concentrated foreclosures;
• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the
nation’s hardest hit housing markets.
• Supported home purchase and refi nance activity through the FHA to provide access to affordable
mortgage capital and help homeowners prevent foreclosures.
###
AppendixThe Administration’s goal is to promote stability for both the housing
market and homeowners. To meet these objectives in the context of
a very challenging market, the Administration developed a broad
approach implementing state and local housing agency initiatives, tax
credits for homebuyers, neighborhood stabilization and community
development programs, mortgage modifi cations and refi nancing,
continued Federal Housing Administration (FHA) engagement, and
support for Fannie Mae and Freddie Mac. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administration’s efforts can be found in the Appendix.
October 2010 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after
taking offi ce in February 2009. The October 2010 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• Families continued to benefit from the lowest rates in
history on 30-year fixed mortgages. Since April of 2009,
record low rates have helped more than 7.1 million homeowners
to refi nance, resulting in more stable home prices and $12.7
billion in total borrower savings.
• As expected with the expiration of the Homebuyer Tax
Credit, new and existing home sales remained below
levels seen in the first half of 2010. At the same time, home
prices remained level in the past year after 33 straight months of
decline and homeowners added $95 billion in home equity in the
second quarter.
• More than 3.52 million modification arrangements were
started between April 2009 and the end of August 2010
—nearly triple the number of foreclosure completions
during that time. These included more than 1.3 million trial
Home Affordable Modifi cation Program (HAMP) modifi cation
starts, more than 510,000 Federal Housing Administration (FHA)
loss mitigation and early delinquency interventions, and more
than 1.6 million proprietary modifi cations under HOPE Now.
While some homeowners may have received help from more than
one program, the number of agreements offered nearly tripled
foreclosure completions for the same period (1.3 million).
• At nine months, almost 90 percent of homeowners
remain in their permanent HAMP modification, with 11
percent defaulted. Early data indicate that HAMP permanent
modifi cations are performing well over time, with lower
delinquency rates than those reported by the industry at large.
At nine months, less than 16 percent of permanent modifi cations
are 60+ days delinquent. To view the September HAMP Servicer
Performance Report, visit: http://www.fi nancialstability.gov/
docs/Sept%20MHA%20Public%202010.pdf
Data in the scorecard also show that the recovery in the housing
market continues to remain fragile, for example, foreclosure
completions continue to move upward and a large supply of homes
are being held off the market. While the recovery will take place over
time, the Administration remains committed to its efforts to prevent
avoidable foreclosures and stabilize the housing market.
The impact of recent new and expanded resources is expected to
contribute to progress captured in future Housing Scorecards. For
example, in July the Federal Housing Administration (FHA) announced
a short refi nance option targeted to help people who owe more on
their mortgage than their home is worth because their local markets
saw large declines in home values. The option will allow certain
underwater non-FHA borrowers – those current on their existing
mortgage and whose lenders agree to write off at least 10 percent of
the unpaid principal balance of the fi rst mortgage – the opportunity to
qualify for a new FHA-insured mortgage.
U.S. Department of Housing and Urban Development
Office of Policy Development and Research
e Obama Administration’s E orts
To Stabilize e Housing Market
and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
House Prices Show Signs Of Stabilizing
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Units Held Off e Market Has Increased
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Expectations On House Prices Have Shifted Up From 2009
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Mortgage Aid Has Been Extended More an 3 Million Times,
Outpacing Foreclosures
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Mortgage Rates Fall To Record Low And Affordability Index Remains High
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Foreclosure Starts And Completions Remain Elevated
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7.1 Million Homeowners Have Refinanced Since April 1, 2009
ˆ ‰ Š €€
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Homeowners Save From Reduced Mortgage Payments
€ ‚
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Home Equity Up More an $1 Trillion Since First Quarter 2009
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FHA Supports Mortgage Lending During Crisis
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•
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Housing Counselors Serve Millions Of Families
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
HOUSING MARKET FACT SHEET
Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release
Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10
Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10
Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
148.9
192.4
148.0
193.4
144.3
198.9
150.5
198.9
July-10
July-10
Home Sales (thousands, SA)
New
Existing
First Time Buyers
24.0
344.2
173.0 (p)
24.0
320.0
161.7
33.8
425.0
215.6
31.4
395.0
174.8
August-10
August-10
August-10
Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months,SA)
Vacant Units Held Off Market (thousands)
3,982
11.6
206
8.6
3,743
4,007
12.5
209
8.7
3,628
3,924
9.2
262
7.8
3,501
3,700
9.4
353
11.2
3,508
August-10
August-10
August-10
August-10
2nd Q 10
Mortgage Originations (thousands)
Refi nance Originations
Purchase Originations
1,132.7
925.0
1,050.9
614.7
1,941.0
992.4 (r)
767.2
986.4
2nd Q 10
2nd Q 10
FHA Originations (thousands)
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
47.4
63.5
44.5
(p)
(p)
(p)
51.7
67.2
44.9
(r)
(r)
(r)
60.6
103.4
84.6
62.9
72.7
56.2
September-10
September-10
September-10
Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA
5.2
36.4
12.4
5.2
36.2
12.5
5.8
36.3
14.7
4.4
34.1
14.3
September-10
September-10
August-10
Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
1747.0
1974.9
558.0
1,782.3
1,960.6
559.6
1760.7
1964.6
453.0
912.8
1,642.1
333.1
September-10
September-10
August-10
Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
102.4
142.9
102.1
18.7 (p)
96.5
147.0
95.4
29.1
122.2
133.7
87.8
22.9
121.5
103.0
78.9
13.8
September-10
September-10
September-10
July-10
HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release
Distressed Homeowners Assisted (thousands)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
35.3
27.8
56.4
115.8
26.6
33.3
39.2
120.4
1,369.4
495.9
568.1
1,675.6
September-10
September-10
September-10
August-10
Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10
Borrower Annual Savings ($ millions)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
--
--
--
--
--
--
2,313.3
2,407.5
12,737.3
2nd Q 10
2nd Q 10
2nd Q 10
Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
3,033
1,041
1,147
2,537
667
1,094
9,249 [36,292]
2,987 [8,252]
3,768 [18,000]
(b)
(b)
(b)
2nd Q 10
2nd Q 10
2nd Q 10
Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10
SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
A. Items in Tables
Description Frequency Sources Notes on Methodology
Distressed Homeowners Assisted
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
Monthy
Monthy
Monthy
Monthy
Treasury
Treasury
HUD
Hope Now Alliance
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifi cations completed.
Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.
Borrower Annual Savings
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
Quarterly
Quarterly
Quarterly
HUD, Treasury, and Freddie Mac
HUD and Treasury
HUD, and MBA
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifi cations and median monthly savings estimates.
Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.
Completed Activities Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Quarterly
Quarterly
Quarterly
HUD
HUD
HUD
Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.
Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).
Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifi es that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
Monthy
Monthy
Standard and Poor’s
Federal Housing Finance Agency
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s
recommends use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
Home Sales (SA)
New
Existing
First Time Buyers
Monthy
Monthy
Monthy
HUD and Census Bureau
National Association of Realtors ®
NAR, Census Bureau, and HUD
Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,
townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.
Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market
Monthly
Monthly
Monthly
Monthly
Quarterly
National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau
As reported.
As reported.
As reported.
As reported.
As reported.
Mortgage Originations
Refi nance Originations
Purchase Originations
Quarterly
Quarterly
Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD
HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of
home purchase originations.
FHA Originations
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
Monthy
Monthy
Monthy
HUD
HUD
HUD
FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA
Monthy
Monthy
Monthy
LPS-McDash Analytics
LPS-McDash Analytics
HUD
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.
Seriously Delinquent Mortgages
Prime
Subprime
FHA
Monthly
Monthly
Monthly
LPS-McDash, MBA, and HUD
LPS-McDash, MBA, and HUD
HUD
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure.
Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to
the third quarter of 2009 are adjusted to be compatible with current estimates.
Foreclosure Actions
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short sales
Monthly
Monthly
Monthly
Monthly
Realty Trac
Realty Trac
Realty Trac
Core Logic
Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the fi ling of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.
5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by
Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned
(REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in
“Mortgage Originations” above.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
The Administration has taken a broad set of actions to stabilize the housing market and help American
homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,
limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who
had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also
found themselves unable to refi nance at lower mortgage rates.
In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner
Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration
has taken the following actions to strengthen the housing market:
• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;
• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage
backed securities through independent MBS purchase programs, helping to keep mortgage rates at
historic lows;
• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels
and to prevent avoidable foreclosures;
• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership
and rental resources;
• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families
purchase homes;
• Provided more than $5 billion in support for affordable rental housing through low income housing tax
credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore
neighborhoods hardest hit by the concentrated foreclosures;
• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the
nation’s hardest hit housing markets.
• Supported home purchase and refi nance activity through the FHA to provide access to affordable
mortgage capital and help homeowners prevent foreclosures.
###
AppendixThe Administration’s goal is to promote stability for both the housing
market and homeowners. To meet these objectives in the context of
a very challenging market, the Administration developed a broad
approach implementing state and local housing agency initiatives, tax
credits for homebuyers, neighborhood stabilization and community
development programs, mortgage modifi cations and refi nancing,
continued Federal Housing Administration (FHA) engagement, and
support for Fannie Mae and Freddie Mac. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administration’s efforts can be found in the Appendix.
October 2010 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after
taking offi ce in February 2009. The October 2010 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
• Families continued to benefit from the lowest rates in
history on 30-year fixed mortgages. Since April of 2009,
record low rates have helped more than 7.1 million homeowners
to refi nance, resulting in more stable home prices and $12.7
billion in total borrower savings.
• As expected with the expiration of the Homebuyer Tax
Credit, new and existing home sales remained below
levels seen in the first half of 2010. At the same time, home
prices remained level in the past year after 33 straight months of
decline and homeowners added $95 billion in home equity in the
second quarter.
• More than 3.52 million modification arrangements were
started between April 2009 and the end of August 2010
—nearly triple the number of foreclosure completions
during that time. These included more than 1.3 million trial
Home Affordable Modifi cation Program (HAMP) modifi cation
starts, more than 510,000 Federal Housing Administration (FHA)
loss mitigation and early delinquency interventions, and more
than 1.6 million proprietary modifi cations under HOPE Now.
While some homeowners may have received help from more than
one program, the number of agreements offered nearly tripled
foreclosure completions for the same period (1.3 million).
• At nine months, almost 90 percent of homeowners
remain in their permanent HAMP modification, with 11
percent defaulted. Early data indicate that HAMP permanent
modifi cations are performing well over time, with lower
delinquency rates than those reported by the industry at large.
At nine months, less than 16 percent of permanent modifi cations
are 60+ days delinquent. To view the September HAMP Servicer
Performance Report, visit: http://www.fi nancialstability.gov/
docs/Sept%20MHA%20Public%202010.pdf
Data in the scorecard also show that the recovery in the housing
market continues to remain fragile, for example, foreclosure
completions continue to move upward and a large supply of homes
are being held off the market. While the recovery will take place over
time, the Administration remains committed to its efforts to prevent
avoidable foreclosures and stabilize the housing market.
The impact of recent new and expanded resources is expected to
contribute to progress captured in future Housing Scorecards. For
example, in July the Federal Housing Administration (FHA) announced
a short refi nance option targeted to help people who owe more on
their mortgage than their home is worth because their local markets
saw large declines in home values. The option will allow certain
underwater non-FHA borrowers – those current on their existing
mortgage and whose lenders agree to write off at least 10 percent of
the unpaid principal balance of the fi rst mortgage – the opportunity to
qualify for a new FHA-insured mortgage.
U.S. Department of Housing and Urban Development
Office of Policy Development and Research
e Obama Administration’s E orts
To Stabilize e Housing Market
and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
House Prices Show Signs Of Stabilizing
€‚
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Existing And New Home Sales
€
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Existing Homes On e Market Below Peak, But Number Of
Units Held Off e Market Has Increased
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Expectations On House Prices Have Shifted Up From 2009
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Mortgage Aid Has Been Extended More an 3 Million Times,
Outpacing Foreclosures
€
‚ ƒ
‚ „ … ‚ † …
‡ ‚ˆ ‰ Š ‹ ‚ † Œ ‹ ‰
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Mortgage Rates Fall To Record Low And Affordability Index Remains High
€
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Foreclosure Starts And Completions Remain Elevated
€ € ‚ ƒ € €
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7.1 Million Homeowners Have Refinanced Since April 1, 2009
ˆ ‰ Š €€
€ €
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
Homeowners Save From Reduced Mortgage Payments
€ ‚
ƒ € „ € … € †‡‚
ˆ ‰€ Š ‚
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Home Equity Up More an $1 Trillion Since First Quarter 2009
Ž‘ ’ “” Š “ “
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FHA Supports Mortgage Lending During Crisis
… Š
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Š — –
ƒ †‡‚
ˆ Œ€ Š ‚
•
•
Housing Counselors Serve Millions Of Families
—
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
HOUSING MARKET FACT SHEET
Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release
Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10
Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10
Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
148.9
192.4
148.0
193.4
144.3
198.9
150.5
198.9
July-10
July-10
Home Sales (thousands, SA)
New
Existing
First Time Buyers
24.0
344.2
173.0 (p)
24.0
320.0
161.7
33.8
425.0
215.6
31.4
395.0
174.8
August-10
August-10
August-10
Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months,SA)
Vacant Units Held Off Market (thousands)
3,982
11.6
206
8.6
3,743
4,007
12.5
209
8.7
3,628
3,924
9.2
262
7.8
3,501
3,700
9.4
353
11.2
3,508
August-10
August-10
August-10
August-10
2nd Q 10
Mortgage Originations (thousands)
Refi nance Originations
Purchase Originations
1,132.7
925.0
1,050.9
614.7
1,941.0
992.4 (r)
767.2
986.4
2nd Q 10
2nd Q 10
FHA Originations (thousands)
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
47.4
63.5
44.5
(p)
(p)
(p)
51.7
67.2
44.9
(r)
(r)
(r)
60.6
103.4
84.6
62.9
72.7
56.2
September-10
September-10
September-10
Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA
5.2
36.4
12.4
5.2
36.2
12.5
5.8
36.3
14.7
4.4
34.1
14.3
September-10
September-10
August-10
Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
1747.0
1974.9
558.0
1,782.3
1,960.6
559.6
1760.7
1964.6
453.0
912.8
1,642.1
333.1
September-10
September-10
August-10
Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
102.4
142.9
102.1
18.7 (p)
96.5
147.0
95.4
29.1
122.2
133.7
87.8
22.9
121.5
103.0
78.9
13.8
September-10
September-10
September-10
July-10
HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release
Distressed Homeowners Assisted (thousands)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
35.3
27.8
56.4
115.8
26.6
33.3
39.2
120.4
1,369.4
495.9
568.1
1,675.6
September-10
September-10
September-10
August-10
Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10
Borrower Annual Savings ($ millions)
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
--
--
--
--
--
--
2,313.3
2,407.5
12,737.3
2nd Q 10
2nd Q 10
2nd Q 10
Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
3,033
1,041
1,147
2,537
667
1,094
9,249 [36,292]
2,987 [8,252]
3,768 [18,000]
(b)
(b)
(b)
2nd Q 10
2nd Q 10
2nd Q 10
Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10
SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
A. Items in Tables
Description Frequency Sources Notes on Methodology
Distressed Homeowners Assisted
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
FHA Loss Mitigation Interventions
HOPE Now Modifi cations
Monthy
Monthy
Monthy
Monthy
Treasury
Treasury
HUD
Hope Now Alliance
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifi cations completed.
Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.
Borrower Annual Savings
HAMP Trial Modifi cations
HAMP Permanent Modifi cations
All Refi nances
Quarterly
Quarterly
Quarterly
HUD, Treasury, and Freddie Mac
HUD and Treasury
HUD, and MBA
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifi cations and median monthly savings estimates.
Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.
Completed Activities Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Quarterly
Quarterly
Quarterly
HUD
HUD
HUD
Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.
Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).
Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifi es that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
Monthy
Monthy
Standard and Poor’s
Federal Housing Finance Agency
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s
recommends use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
Home Sales (SA)
New
Existing
First Time Buyers
Monthy
Monthy
Monthy
HUD and Census Bureau
National Association of Realtors ®
NAR, Census Bureau, and HUD
Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,
townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.
Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market
Monthly
Monthly
Monthly
Monthly
Quarterly
National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau
As reported.
As reported.
As reported.
As reported.
As reported.
Mortgage Originations
Refi nance Originations
Purchase Originations
Quarterly
Quarterly
Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD
HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of
home purchase originations.
FHA Originations
Refi nance Originations
Purchase Originations
Purchases by First Time Buyers
Monthy
Monthy
Monthy
HUD
HUD
HUD
FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA
Monthy
Monthy
Monthy
LPS-McDash Analytics
LPS-McDash Analytics
HUD
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.
Seriously Delinquent Mortgages
Prime
Subprime
FHA
Monthly
Monthly
Monthly
LPS-McDash, MBA, and HUD
LPS-McDash, MBA, and HUD
HUD
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
Mortgages 90+ days delinquent or in foreclosure.
Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to
the third quarter of 2009 are adjusted to be compatible with current estimates.
Foreclosure Actions
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short sales
Monthly
Monthly
Monthly
Monthly
Realty Trac
Realty Trac
Realty Trac
Core Logic
Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the fi ling of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.
5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by
Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned
(REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in
“Mortgage Originations” above.
U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
The Administration has taken a broad set of actions to stabilize the housing market and help American
homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,
limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who
had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also
found themselves unable to refi nance at lower mortgage rates.
In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner
Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration
has taken the following actions to strengthen the housing market:
• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;
• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage
backed securities through independent MBS purchase programs, helping to keep mortgage rates at
historic lows;
• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels
and to prevent avoidable foreclosures;
• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership
and rental resources;
• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families
purchase homes;
• Provided more than $5 billion in support for affordable rental housing through low income housing tax
credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore
neighborhoods hardest hit by the concentrated foreclosures;
• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the
nation’s hardest hit housing markets.
• Supported home purchase and refi nance activity through the FHA to provide access to affordable
mortgage capital and help homeowners prevent foreclosures.
###
Appendix
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