U.S. home prices are stabilizing: report

October 25, 2010 06:00PM

Raphael Bostic of HUD

There are continued signs of stabilization in house prices and high home affordability due in part to record low interest rates, according to the October edition of the housing scorecard released today by the Department of Housing and Urban Development and the Department of the Treasury. “Over the last 21 months, the Obama administration’s swift action in the housing market has kept millions of families in their homes and provided responsible borrowers with incentives to refinance or to become a homeowner,” said Raphael Bostic, assistant secretary at HUD. “But, with many unavoidable foreclosures still in the pipeline, it’s clear that we have a hard road ahead.” The scorecard shows that families continued to benefit from the lowest rates in history on the 30-year fixed mortgages, resulting in more stable home prices and $12.7 billion in total borrower savings. With the expiration of the homebuyer tax credit, new and existing home sales remained below levels seen in the first half of 2010. TRD