A report issued by the Federal Housing Finance Agency found that Fannie Mae and Freddie Mac have completed 3.1 million foreclosure prevention actions since coming under the government's conservatorship in 2008. The agency reported that Fannie and Freddie have helped more than 2.5 million borrowers stay in their homes, including 1.6 million homeowners who have received permanent loan modifications. The agency noted that a majority of foreclosure prevention actions allowed troubled borrowers to stay in their homes.
During 2013, the two companies completed nearly 448,000 foreclosure preventions actions, reporting 99,700 actions in the fourth quarter alone. Serious delinquencies dropped by 7 percent in the fourth quarter to a rate of 2.4 percent. The rate for loans 30 to 59 days delinquent was 1.7 percent, a slight increase from the previous quarter. Loans delinquent for 60-plus days dropped 0.1 percent to 2.9 percent from the previous quarter.
Consumer sentiment retreated last month to an index reading of 80.0, down 2 percent from February's 81.6, according to a report released by Thomson Reuters and the University of Michigan's Survey Research Center. The report found that consumers voiced concerns about the slowdown in home value gains. Chief economist Richard Curtin noted that consumers have become accustomed to very low interest rates, and small increases could have a more pronounced impact on home sales.