December Housing Scorecard shows mixed housing market
Jan 10 2012 6:06PM
The U.S. Department of Housing and Urban Development and the Department of Treasury recently released the Obama administration's Housing Scorecard for the month of December, which notes some positive improvement as well as negatives of the housing market throughout 2011.
New and existing home sales in December increased from those reported the previous month and sales are still higher than those reported in December of last year. The scorecard also shows fewer homeowners fell into foreclosure in November, and the administration credits its own efforts in urging servicers to provide help for troubled homeowners.
Home prices, however, have taken a significant fall from prices reported the previous month and remain lower than levels reported in 2010. Additionally, the administration recognizes the decline in foreclosure activity is not a reflection of homeowners' abilities to keep up with mortgage payments but rather a delay in lender processing of foreclosure paperwork.
"As we compare today's data to market data from last year - and certainly from the economic conditions when we took office in 2009 - it's clear that we've made important progress in recovering from this housing crisis," said Raphael Bostic, assistant secretary of HUD.