The Real Deal New York

HUD’s ‘Housing Scorecard’ shows marked progress

September 14, 2012 12:00PM

President Obama

Is your housing situation better off than it was four years ago? According to a report released by the Department of Housing and Urban Development, done in conjunction with the Department of the Treasury, it probably is, CNN reported. The Obama Administration Housing Scorecard, shows home values have returned to levels not seen since president Obama took office.

The “scorecard” also found the number of underwater homeowners has been reduced by 11% since 2011 and that more than half a million borrowers have benefited from government sponsored refinancing programs, such as the Home Affordable Refinance Program in 2012 alone

In total, more than 5.4 million borrowers have received government housing aid of some form since the Obama administration introduced the Home Affordable Refinance Program in March of 2009. But nevertheless, housing recovery will remain a long term project.

However, another study cited by the Los Angeles Times claims that of the 5.66 million distressed borrowers that have modified their mortgages over the last five years, just 1.04 million did so through the Obama administration’s Home Affordable Modification Program.

“It is clear that we’re making progress. But with so many households still struggling to make ends meet, we have important work ahead,” Erika Poethig, acting assistant secretary for the Department of Housing and Urban Development, said. [CNN]Christopher Cameron

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