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Scorecard on Obama’s Housing Recovery Plans

Dennis Norman St Louis

Dennis Norman

The U.S. Department of the Treasury and the Department of Housing and Urban Development today released their “October 2010 Scorecard” on the “Obama Administration’s Efforts to Stabilize the Housing Market”.

The scorecard points out the success of “The President’s housing market recovery efforts” but does point out that “data in the scorecard also show that the recovery in the housing market continues to remain fragile.”

Highlights from the Scorecard:

  • There have been 1.369 million trial loan modifications to date under the HAMP plan
    • Of those, 495,900 permanent loan modifications have been done
  • There have been 1.675 million HOPE new modifications
  • Housing supply-
    • 3.982 million existing homes for sale as of this period compared with 3.924 million a year ago
      • months supply of existing homes is 11.6 months compared with 9.2 months a year ago
    • 206,000 new homes for sale in this period compared with 262,000 a year ago.
      • months supply of new homes is 8.6 months compared with 7.8 months a year ago
    • There were 3.743 million vacant units held off the market this period compared to 3.501 million units a year ago
  • Seriously Delinquent mortgages-
    • 1.747 million prime loans this period compared to 1.760 million a year ago
    • 1.974 million sub-prime loans this period compared to 1.964 million a year ago
    • 558,000 FHA loans this period compared to 453,000 a year ago
  • Underwater borrowers
    • Received notice of default (foreclosure start) – 102,400 this period compared with 122,200 a year ago
    • Notice of Foreclosure Sale – 142,900 this period compared with 133,700 a year ago
    • Foreclosure completions – 102,100 this period compared with 87,800 a year ago
    • Short sales – 18,700 this period (preliminary number) compared with 22,900 a year ago

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