May 2012 Housing ScoreCard

By
Real Estate Agent with Sellstate Pacific Realty BRE #01044712

On June 6, 2012, The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the May edition Housing Scorecard on the nation’s housing market. The housing scorecard data shows signs of improvement, and mortgage delinquencies are improving, however, overall does not appear stabilizing.

Nationwide in all regions sales of existing homes rose 2.4% in April, and the supply of homes on the market dropped to 5.1 months from 5.2 months in March of 2012, from the peak of 12.2 months in January 2009. In excess of 180,000 borrowers benefited from Home Affordable Refinance Program in the last quarter.

As of April 2012, over one million homeowners got permanent HAMP modification, which saved up-to $535 mortgage payments per month, to an estimated $12.7 billion to date, and 86% of homeowners in the last 22 months received a permanent modification. Those participating in the HAMP Principal Reduction Alternative (PRA) have seen a median principal reduction of $68,267 or 31% according HUD Public Affairs (202)708-0980 and Treasury Public Affairs (202)622-2960 of www.hud.gov/scorecard.

It appears that the Home Affordable Refinance Program, and Home Affordable Modification Program has been helping many home owners to obtain more affordable mortgages and do loan modifications to prevent foreclosure and stay in their homes.

For more complete information on The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury May edition Housing Scorecard a on the nation’s housing market, please visit http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2012/HUDNo.12-093

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