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Department of Housing and Urban Development | Office of Policy Development and Research
e Obama Administrations Eorts
To Stabilize e Housing Market
and Help American Homeowners
September 2011
U.S Department of Housing and Urban Development | U.S. Department of the Treasury
September 2011 National Scorecard | Page 1
The Administrations goal is to stabilize the housing market and
provide security for homeowners. To meet these objectives in the
context of a very challenging market, the Administration developed
a broad approach implementing state and local housing agency
initiatives, tax credits for homebuyers, neighborhood stabilization
and community development programs, mortgage modications
and renancing, housing counseling, continued Federal Housing
Administration (FHA) engagement, support for Fannie Mae and
Freddie Mac and increased consumer protections. In addition, Federal
Reserve and Treasury MBS purchase programs have helped to keep
mortgage interest rates at record lows over the past year. More detail
on the Administrations efforts can be found in the Appendix.
September 2011 Scorecard on Administrations
Comprehensive Housing Initiative
The Presidents housing market recovery efforts began immediately
after taking ofce in February 2009. The September 2011 housing
scorecard includes the following key indicators of market health and
results of the Administrations comprehensive response, as outlined
above:
Housing data available through August underscore
market fragility and paint a mixed picture of recovery.
Though August home prices as reported by S&P/Case-Shiller
and FHFA improved for the fourth consecutive month after several
previous months of decline, the latest housing data is a mixed bag
with home prices showing continued strain from foreclosures and
distressed sales. Foreclosure completions continued a downward
trend, as mortgage aid programs are helping homeowners,
although some of the decline remains due to lender processing
issues delaying some foreclosure actions.
The Administrations recovery efforts have helped
millions of families deal with the worst economic
crisis since the Great Depression. More than 5.1 million
modication arrangements were started between April 2009
and the end of August 2011 including nearly 1.7 million
HAMP trial modication starts, more than 1,020,000 FHA loss
mitigation and early delinquency interventions, and more than
2.4 million proprietary modications under HOPE Now. While
some homeowners may have received help from more than one
program, the total number of agreements offered continues to
more than double the number of foreclosure completions for the
same period (2.3 million). In August, more than 26,000 additional
homeowners received a permanent modication through the
Administrations Home Affordable Modication Program (HAMP);
more than 816,000 homeowners across the country have received
a HAMP permanent modication to date, saving a median of
$525 per month - more than one-third of their median before-
modication payment. The August Monthly Report can be found at:
http://www.treasury.gov/initiatives/nancial-stability/results/
MHA-Reports/Pages/default.aspx
Given the current fragility and recognizing that recovery will take
place over time, the Administration remains committed to its efforts to
prevent avoidable foreclosures and stabilize the housing market.
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September 2011 National Scorecard | Page 2
U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administrations Eorts To Stabilize e Housing Market and Help American Homeowners
|
September 2011
1S0
17S
200
22S
2S0
27S
House Prices Up Four Consecutive Months,
Distressed Sales Remain Key In is Fragile Recovery
MonLhly Pouse rlce 1rends 8y lndex ($ 1housands)
Sources: SLandard & oor's, lederal Pouslng llnance Agency, Core Loglc, and Puu.
See noLe 1, Sources and MeLhodology.
CoreLoglc (Lxcludlng
ulsLressed Sales)
S&/Case-Shlller
lPlA
0
20
40
60
80
100
120
0
200
400
600
800
Existing And New Home Sales
MonLhly Sales (1housands)
Seasonally Ad[usLed
Source: nauonal Assoclauon of 8ealLors
lPA Loss Mlugauon PAM Modlcauons Pope now Modlcauons loreclosure Compleuons
Sources: Puu, uepL. of 1reasury, Pope now Alllance, and 8ealLy 1rac.
See noLe S, Sources and MeLhodology.
MorLgage modlcauons lnluaLed slnce Aprll 1, 2009: S.1 Mllllon
40
80
120
160
Mortgage Aid Helps Foreclosures Trend Downward,
Although Foreclosure StartsTurn Up In August
MonLhly loreclosure Acuons (1housands)
Source: 8ealLy 1rac.
See noLe 6, Sources and MeLhodology.
Cumulauve foreclosure compleuons slnce Aprll 2009: 2.3 mllllon
(lncludes lnvesLor, second home, and [umbo properues)
loreclosure
Compleuons
loreclosure
SLarLs
80
90
100
110
120
130
140
1S0
160
170
180
190
200
0.0
1.0
2.0
3.0
4.0
S.0
6.0
7.0
8.0
9.0
Mortgage Rates At Record Lows,
Aordability Index Remains High
ercenLage 8aLes And lndex values
30-?r llxed MorLgage 8aLe nA8 Pome AordablllLy lndex
Sources: lreddle Mac and nauonal Asssoclauon of 8ealLors
September 2011 National Scorecard | Page 3
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U.S Department of Housing and Urban Development
U.S. Department of the Treasury
e Obama Administrations Eorts To Stabilize e Housing Market and Help American Homeowners
|
September 2011
0
S
10
1S
20
2S
30
2009 C4 2010 C1 2010 C2 2010 C3 2010 C4 2011 C1 2011 C2
Homeowners Save From Reduced Mortgage Payments
Annuallzed Savlngs lrom aymenL 8educuons ($ 8llllons)
All 8enances PAM Modlcauons and 1rlals
AggregaLe annual reducuon ln morLgage paymenLs on renances slnce Aprll 1, 2009 plus acuve Lrlal and
permanenL PAM modlcauons.
Sources: M8A, 1reasury, lreddle Mac, and Puu.
See noLe 7, Sources and MeLhodology.
0
1
2
3
4
S
6
7
2009 C2 2009 C3 2009 C4 2010 C1 2010 C2 2010 C3 2010 C4 2011 C1 2011 C2
Housing Counselors Serve Millions Of Families
Cumulauve Pouseholds Counseled Slnce Aprll 1, 2009 (Mllllons)
Source: Puu.
Pouseholds counseled slnce Aprll 1, 2009: 6.4 mllllon
0
2
4
6
8
10
12
14
Total Home Equity Similar To Prior Quarter
And Remains Higher an First Quarter 2009
NARs composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signies that family earning the median income
has more than enough income to qualify.
Home Prices
Case-Shiller (NSA)
FHFA (SA)
CoreLogic - Excluding Distressed Sales (NSA)
Monthly
Monthly
Monthly
Standard and Poors
Federal Housing Finance Agency
CoreLogic
Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poors recommends
use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
CoreLogic national combined index, distressed sales excluded, January 2000 = 100.
(Only available as NSA).
Home Sales (SA)
New
Existing
First Time Buyers
Distressed Sales (NSA)
Monthly
Monthly
Monthly
Monthly
HUD and Census Bureau
National Association of Realtors