Sluggish housing recovery: Obama report

April 01, 2011 03:10PM

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Home prices remain weak nationwide, according to the Obama administration’s March Housing Scorecard, released today by the Department of Housing and Urban Development and the Treasury Department. The report, which pointed to the most recent S&P/Case-Shiller housing data, shows that home prices are still down by 3 percent from a year ago. Raphael Bostic, the assistant HUD secretary, said that the market outlook isn’t good. “Housing markets across the country continue to struggle to regain stable footing,” Bostic said. On the upside, however, almost 10 million U.S. homeowners have refinanced their mortgages since April 2009, the report shows, taking advantage of record-low mortgage rates. TRD

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