Obama's October Housing Scorecard Gives Mixed Signals on Housing Market

by Chicago Agent

The latest Housing Scorecard from the Obama Administration reports what seems to be contradictory information.

The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD) released the October edition of the Obama Administration Housing Scorecard, a detailed report on the nation’s housing market.

The report gave off mixed signals as it relayed that new home sales rose in August, but were still down when compared to last year’s report, and mortgage defaults and foreclosure sales continue to exhibit a downward pattern despite more homeowners being able to secure mortgage relief.

HUD Assistant Secretary Raphael Bostic said, “The housing data in this month’s scorecard illustrates how complex the market is and why the Obama administration has chosen a variety of approaches to help spur recovery.”

Starting this month, the Housing Scorecard will also display data on the administration’s Home Affordable Refinance Program (HARP). Efforts are being made on part by the Federal Housing Finance Agency to ease refinance guidelines for homeowners. The full report is available here.

“To help responsible homeowners, we have made it easier for people to refinance at interest rates that are now near 4 percent – putting hundreds of dollars in real savings back in their pockets each month, and giving a boost to our fragile economy,” Bostic said.

“The administration’s programs continue to provide some of the most sustainable assistance available to tens of thousands of struggling homeowners every month,” said Tim Massad, treasury assistant secretary for financial stability. “The standards we have set are changing the industry and indirectly helping millions of additional families.”

The administration’s housing scorecard for the month of October features key data on the health of the housing market and the various effects the administration’s foreclosure prevention programs have had on the economy as well as homeowners.

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