Gov’t Report Tracks Real Estate Rebound

bobbybaldor Real Estate Leave a Comment

The Department of Housing And Urban Development’s Housing Scorecard is a monthly measure of how the real estate market’s rebound is progressing. The report compiles recent housing data and the results of the administration’s foreclosure prevention and mortgage modification programs in an effort to provide a comprehensive look at today’s market. According to the most recent release, home sales and homeowner equity are both on the rise. In fact, sales of new homes are up nearly 20 percent from one year ago and sales of previously owned homes are the strongest they’ve been since 2007, excluding the month the home buyer tax credit expired in 2009. Homeowner equity – which refers to a property’s value minus mortgage debt – was also up, rising nearly 4 percent in the first quarter of 2015. In addition, the report found that home prices are continuing to stabilize and details how the administration’s recovery programs have resulted in 9.6 million mortgage modifications or other forms of assistance to homeowners since April 2009. Overall, the data paints an encouraging picture of the current housing market, though it also cautions that there is still work to be done to boost home sales, help underwater homeowners, and reduce mortgage delinquency rates. More here.

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