Obama “housing scorecard” touts home equity gains, mortgage mods

TRD New York /
Nov.November 19, 2010 09:29 AM

Record-low mortgage interest rates helped to further stabilize the housing market over the past month, according to the latest “Housing Scorecard” released by the Obama Administration yesterday.

While new and existing home sales stuck at lower levels than those seen prior to the expiration of the homebuyer tax credit, prices have stopped slipping after 33 consecutive months of declines, the report says, and in the second quarter of 2010, U.S. homeowners gained $95 billion worth of home equity. In the third quarter, 1 million Americans refinanced their mortgages, taking advantage of some of the lowest interest rates in history.

On the distressed homes front, the administration’s oft-criticized Home Affordable Mortgage Program resulted in around 1.4 million trial mortgage modifications between April 2009 and August 2010; overall upwards of 3.73 million modifications begun through various programs during that period.

“While we cannot stop every foreclosure, we know that more has to be done to reach homeowners in distress and to help unemployed borrowers,” said Raphael Bostic, assistant secretary for the Deparment of Housing and Urban Development. TRD


Related Articles

arrow_forward_ios
(Credit: iStock)

Six weeks, six jumps in mortgage applications to buy homes

Six weeks, six jumps in mortgage applications to buy homes
Despite record-low interest rates, tightened mortgage lending standards which may hamper the economic recovery. (iStock)

Tightening mortgage market threatens economic recovery

Tightening mortgage market threatens economic recovery
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
(Credit: iStock)

Loan applications to buy homes rise for fifth week

Loan applications to buy homes rise for fifth week
(Credit: iStock)

TRD INSIGHTS: MBA finds 8% of home loans in forbearance

TRD INSIGHTS: MBA finds 8% of home loans in forbearance
HUD Secretary Ben Carson (Credit: Carson via Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)

HUD shortchanged New York on relief funds: advocates

HUD shortchanged New York on relief funds: advocates
(Credit: iStock)

Applications to buy homes rise for fourth week with New York leading the way

Applications to buy homes rise for fourth week with New York leading the way
(Credit: iStock)

TRD Insights: MBA finds 8% of home loans in forbearance

TRD Insights: MBA finds 8% of home loans in forbearance
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...