U.S. home prices level after 30 months of decline: HUD report

HUD’s Raphael Bostic

The nationwide housing market is showing modest improvement, according to the U.S. Department of Housing and Urban Development and the Department of Treasury, spurring tepid optimism that the market may be headed toward stabilization in the near future. Housing prices remained level in July, according to the departments’ jointly released housing scorecard, after declining for 30 consecutive months. Aiding the future recovery is the continuation of historically low interest rates on 30-year mortgages — Freddie Mac reported today that mortgage rates have reached a new record low for the ninth consecutive week. Still, there is reason to be cautious, according to Raphael Bostic, assistant secretary of HUD. “It remains clear that we have more work ahead,” Bostic said. “We know that we must continue to provide support to underwater borrowers, unemployed homeowners and to the nation’s hardest hit neighborhoods.” TRD

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