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The latest housing scorecard from the U.S. Department of Housing and Urban Development paints the picture of health and recovery across the national housing metrics including increased new and existing home sales as well as decreased foreclosure starts.
"In October, we have seen a rebound in new home purchases and an increase in new home sales," says Vanessa Perry, Senior Advisor to HUD Secretary Julian Castro on housing finance. "Part of that is seasonal but it is still very good news. Home prices are up again according to the FHFA and we are seeing slightly declining foreclosures. That is continuing evidence of recovery in the housing market."
ATTOM Data Solutions recently reported a month-over-month increase in foreclosures but Perry says that this is not a trend out of the ordinary.
"Foreclosures in October did go up slightly, but it is not uncommon for foreclosure rates to bounce around," says Perry They certainly have not change more than what is considered normal volatility, but as an overall trend if the economy continues the way that is has with unemployment numbers being low and earning being high, we should continue to see a downward pattern in foreclosures."
In looking at the year prior, HUD reports that foreclosure starts decreased 20 percent from the year prior in September.
HUD does report that foreclosure activity has been volatile in recent months as states with high levels of foreclosure inventory push their backlog through the pipeline. This is not a trend that is anticipated to continue for an extended period of time, though, according to Perry.
“Although there is good news overall, the Administration remains committed to helping more Americans realize their dream of home ownership through an improving economy and new programs that will provide greater access to credit,” say Katherine O’Regan, HUD Assistant Secretary for the Office of Policy Development and Research.
