The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury have released the March edition of the Obama Administration’s Housing Scorecard.
Officials caution that the latest housing figures underscore fragility in the housing market and the need to continue efforts to help American families stay in their homes. The housing scorecard is a comprehensive report on the nation’s housing market.
“There’s no question that this month’s figures show a troubling dip in home sales and housing prices,” said HUD Assistant Secretary Raphael Bostic. “While we should not ignore the real impact that the Obama Administration’s programs are having for millions of homeowners and borrowers, these statistics clearly show that housing markets across the country continue to struggle to regain stable footing. We must remain steadfast in our efforts to support homeowners and communities in ways to help advance market stabilization and a transition towards health.”
The report shows that foreclosures and distressed home sales continue to weigh down housing prices across the country, according to data from CoreLogic.
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.
“The latest data underscore the importance of continuing our efforts to help families stay in their homes,”says acting Assistant Secretary for Financial Stability Tim Massad. “Each month, the Administration’s Home Affordable Modification Program helps over 25,000 additional families avoid foreclosure, and it has set important standards that have led to more than 2 million mortgage modifications outside of the program. We will continue these efforts so that we help more Americans remain in their homes and help our nation recover from this crisis.”
Each month, the Housing Scorecard incorporates key housing market indicators and highlights the impact of the Administration’s unprecedented housing recovery efforts, including assistance to homeowners through the FHA and HAMP. The Obama Administration’s complete Housing Scorecard is available at: www.hud.gov/scorecard.