housing scorecard

Another housing scorecard… another month of “market fragility”:

September Scorecard

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The result are in for August and (surprise), while the scorecard sites modest program successes, the housing market is still “fragile”:

• The Administration’s efforts have helped millions of families deal with the worst economic crisis since the Great Depression. More than 5 million mortgage aid arrangements were started between April 2009 and the end of July 2011. While some homeowners may have received help from more than one program, the total number of aid offers is more than double the number of foreclosure completions for the same period (2.2 million). In July, more than 28,000 additional homeowners received a permanent modification through the Administration’s Home Affordable Modification Program (HAMP); more than 790,000 homeowners across the country have now received a HAMP permanent modification with a median payment reduction of 37 percent. To date, homeowners in permanent modifications have realized aggregate savings in monthly mortgage payments of nearly $7.8 billion. The July monthly report can be found at: http://www.treasury.gov/initiatives/financial-stability/results/ MHA-Reports/Pages/default.aspx

• Housing market remains fragile as data through July paint a mixed picture of recovery. Home prices as reported by S&P/ Case-Shiller and FHFA were up for the third consecutive month in July after several previous months of decline. Foreclosure starts and 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 fragility of the market is underscored by the fact mortgage delinquencies rose slightly in July.

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The Obama administration released it’s July Housing Scorecard, revealing another month of “mixed signals” in the housing market. Here are the key figures from this month’s report:

  • Fewer homeowners fell behind on their mortgages during the month of June. In June, 4.4 percent of prime mortgages were at least 30 days late – a significant decline from the peak of 5.9 percent seen in 2010. Moreover, seriously delinquent prime mortgages – those at least 90 days late or in foreclosure – remained approximately 22 percent below a high of 1.9 million recorded last year. As new delinquencies decrease across the nation, the number of new homeowners seeking assistance through the Administration’s programs may also decrease.
  • The Administration’s recovery efforts have helped millions of families deal with the worst economic crisis since the Great Depression. Nearly 5 million modification arrangements were started between April 2009 and the end of May 2011.This includes more than 1.6 million HAMP trial modification starts, more than 938,000 FHA loss mitigation and early delinquency interventions, and nearly 2.4 million HOPE Now proprietary modifications, reflecting the reach of standards developed in the Administration’s programs. 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 (2.1 million). In June, nearly 32,000 additional homeowners received a permanent modification through the Administration’s Home Affordable Modification Program (HAMP); more than 760,000 homeowners across the country have received a HAMP permanent modification to date with a median payment reduction of 37 percent.
  • Even as new delinquencies continue to fall, eligible homeowners entering HAMP have a high likelihood of earning a permanent modification and realizing long-term success. The rate of modifications moving from trial to permanent is up to 74 percent, and the average time to convert from a trial to permanent modification is down to 3.5 months. Homeowners in HAMP modifications continue to perform well over time, with re-default rates lower than those on industry modifications. At one year, more than 84 percent of homeowners remain in their HAMP permanent modification.View the June HAMP Servicer Performance Report.

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HUD Public Affairs
(202) 708-0980
Treasury Public Affairs
(202) 622-2960
FOR RELEASE
Thursday
May 9, 2011

OBAMA ADMINISTRATION RELEASES MAY HOUSING SCORECARD FEATURING NEW MAKING HOME AFFORDABLE SERVICER ASSESSMENTS, REGIONAL SPOTLIGHT ON PHOENIX HOUSING DATA

Administration finds Bank of America, J.P. Morgan Chase, Ocwen Loan Servicing, Wells Fargo in Need of Substantial Improvement under Making Home Affordable Program; Begins Withholding Financial Incentives for Three Servicers

WASHINGTON- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the May edition of the Obama Administration’s Housing Scorecard. New to this month’s report are detailed assessments for the 10 largest mortgage servicers participating in the Administration’s Making Home Affordable Program, setting a new industry benchmark for disclosure on servicer assistance to struggling homeowners. In addition to providing greater transparency about servicer performance in the program, the new assessments are intended to prompt mortgage servicers to correct identified deficiencies to improve program implementation and more effectively reach eligible homeowners.

“While we continue to get tens of thousands of new homeowners into mortgage modifications each month, we need servicers to step up their performance to meet the needs of those still struggling,” said acting Treasury Assistant Secretary for Financial Stability Tim Massad. “These assessments set a new benchmark by providing an unprecedented level of disclosure around servicer performance and will serve to keep the pressure on servicers to more effectively assist struggling families.”

Since the inception of the Making Home Affordable Program, Treasury has required participating servicers to take specific actions to improve their servicing processes.  The new Servicer Assessments summarize performance for the 10 largest Making Home Affordable participating servicers from reviews largely conducted throughout the first quarter of 2011 on three categories of program implementation: identifying and contacting homeowners; homeowner evaluation and assistance; and program reporting, management and governance.  Based on the reviews for this quarter, four servicers have been identified as needing substantial improvement and six servicers have been identified as needing moderate improvement.  The servicers identified as in need of substantial improvement are:

  • Bank of America, NA;
  • J.P. Morgan Chase Bank, N.A.;
  • Ocwen Loan Servicing, LLC; and
  • Wells Fargo Bank, N.A.

While servicers are required to address all instances of non-compliance, beginning this month, the Treasury Department is withholding financial incentives for three servicers:  Bank of America, NA; J.P Morgan Chase Bank, NA; and Wells Fargo Bank, N.A.  Treasury will not withhold financial incentives owed to Ocwen Loan Servicing, LLC for this quarter as their compliance results were substantially and negatively affected by a large servicing portfolio acquired during the compliance testing period.

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Here are some highlights from this months housing scorecard:

• Housing market remains fragile as data through March paint a mixed picture of recovery. Home prices remain weak under continued strain from foreclosures and distressed home sales. However, since April 2009, record low mortgage rates have helped nearly 10 million homeowners to refinance, resulting in $18.8 billion in total borrower savings.

• Mortgage delinquencies continued a downward trend, signaling an improvement compared to early 2010. Foreclosure starts and completions remain below peak, however as lenders continue to review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.

• More than 4.5 million modification arrangements were started between April 2009 and the end of March 2011 – more than double the number of foreclosure completions during that time. These actions included more than 1.5 million trial modification starts through the Administration’s Home Affordable Modification Program (HAMP), more than 808,000 FHA loss mitigation and early delinquency interventions, and nearly 2.2 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered was more than double the number of foreclosure completions for the same period (1.9 million).

Find the full scorecard here

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HUD Public Affairs
(202) 708-0980
Treasury Public Affairs
(202) 622-2960
FOR IMMEDIATE RELEASE
Wednesday
March 2, 2011
OBAMA ADMINISTRATION RELEASES FEBRUARY HOUSING SCORECARD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the February edition of the Obama Administration’s Housing Scorecard. The latest housing figures show increased existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled.

“In the face of the deepest economic recession and housing crisis in decades, the Obama Administration has taken unprecedented action to promote stability in the market – keeping millions of families in their homes and helping millions more to save money by refinancing. But the data clearly show that the market remains extremely fragile,” said HUD Assistant Secretary Raphael Bostic. “While we cannot stop every foreclosure, we know that many responsible homeowners are still fighting to make ends meet. Through the broad range of programs this Administration has put in place, we can put help in reach to those homeowners as early as possible.”

“Our housing market remains fragile. We know this from data, but homeowners across the country can feel it too. That’s why this Administration remains committed to helping eligible homeowners avoid foreclosure where it makes economic sense to do so,” said acting Assistant Secretary for Financial Stability Tim Massad.  “Every month, HAMP continues to help tens of thousands of additional families in a cost-effective manner. And by setting affordability standards and developing a framework for how mortgage servicers provide assistance to struggling families, HAMP has established critical protections for homeowners and has catalyzed improvements in modifications industry-wide.”

Available online at www.hud.gov/scorecard, the February Housing Scorecard features key data on the health of the housing market including:

  • Housing market remains fragile as data through January paint a mixed picture of recovery.Existing home sales ticked upward in January, but remained below levels seen in the first half of 2010. Mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak. However, as lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
  • Administration efforts have been effective in blunting the effects of the deepest economic crisis since the Great Depression. Since April of 2009, record low mortgage rates have helped more than 9.5 million homeowners to refinance, resulting in $18.1 billion in total borrower savings. However, home prices remain unsettled at this fragile stage of the recovery. More than 4.2 million modification arrangements were started between April 2009 and the end of January 2011 – including nearly 1.5 million HAMP trial modification starts, more than 730,000 FHA loss mitigation and early delinquency interventions, and more than 2 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered was more than double the number of foreclosure completions for the same period (1.8 million). View the January HAMP Servicer Performance Report.

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.

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.

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On Wednesday, the Obama administration released the December edition of the Housing Scorecard. The report highlights a drop in foreclosure starts and completions and a rise in foreclosure alternatives.  This report, similar to last month’s scorecard, noted that the “recovery in the housing market continues to remain fragile”. Key figures noted in the report are as follows:

•   Foreclosure starts and completions dropped significantly in November. As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed leading to a 21 percent drop in foreclosure activity in November. While this is the biggest month over month decrease since 2005, the decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.

As expected with the expiration of the Homebuyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. However, this month’s report also shows that home prices and home equity declined moderately, as prices remain unsettled at this fragile stage of the recovery.

More than 3.9 million loss mitigation actions were started between April 2009 and the end of October 2010 —more than double the number of foreclosure completions during that time. These actions included over 1.4 million Home Affordable Modification Program (HAMP) trial modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.7 million). To view the November HAMP Servicer Performance Report, visit: http://www.financialstability.gov/docs/Nov%202010%20 MHA%20Report.pdf.

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On thursday, the Obama administration released the November edition of the Housing Scorecard. The report points to stabilization in the housing market, but notes that the recovery “continues to remain fragile” and will take time. Key figures noted in the report are as follows:

An additional 1 million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history on 30-year fixed mortgages. Since April of 2009, record low interest rates have helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

As expected with the expiration of the Homebuyer Tax Credit, new and existing home sales remained below levels seen in the first half of 2010. At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010, more than double the number of foreclosure completions during that time. These included nearly 1.4 million trial Home Affordable Modification Program (HAMP) modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.6 million). To view the October HAMP Servicer Performance Report, visit: http://financialstability.gov/docs/Oct%202010%20 MHA%20Public%20Final.pdf

View the full report here: The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners November 2010

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