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The Obama Administration released its March ""Housing Scorecard"":http://portal.hud.gov/hudportal/documents/huddoc?id=MarchNat2012_SC_Fin.pdf Friday, which had patchy results but did show delinquencies on a downward decline, while modifications continue to help struggling homeowners through reduced monthly payments.
[IMAGE]The scorecard is jointly released by HUD and the Treasury and provides a comprehensive outlook on the health of the housing market by pulling data from multiple sources.
""The data this month show that we're making important progress in providing relief to homeowners under the Obama Administration's programs,"" said HUD Assistant Secretary Raphael Bostic. ""With fewer borrowers falling behind on their mortgages and some 425,000 families taking advantage of our enhanced Home Affordable Refinance Program â€" standing to save on average $2,500 per year â€" it's clear that the Administration's efforts continue to provide significant positive benefits.""
Data from the report showed the delinquency rate to the end of February for prime mortgages was 4.1 percent, compared to 4.2 percent for the previous period in January. Also, subprime and FHA delinquency rates dropped to 29.6 percent and 12.1 percent, respectively, compared to 31.2 and 13 percent for the previous period.
Combining reports from HUD, the Treasury, HOPE NOW, and Realty Trac, the scorecard revealed that more than 5.8 million modification arrangements were started between April 2009 and the end of February 2012.
[COLUMN_BREAK]Also, the scorecard reported 17,500 HAMP trial modifications for this period, compared to 16,800 during the previous January report. HAMP modifications increased from 22,300 compared to 18,000 for the previous period.
Foreclosure completions actually decreased in February, going from 66,500 to 63,800.
In response to this data, a release from the Treasury department's Office of Public Affairs stated ""increased activity is expected in the coming months as firms lift processing delays following the landmark mortgage servicing settlement reached with the five largest banks in early February.""
*Other highlights from the Scorecard*
-More than 5.8 million modification arrangements were started between April 2009 and the end of February 2012 â€" including more than 1.8 million HAMP trial modification starts and nearly 1.3 million FHA loss mitigation and early delinquency interventions.
- HOPE Now lenders offered families and individuals nearly 2.8 million proprietary mortgage modifications through January
-HARP has refinanced more than one million loans from April 1, 2009 to December 2011
-Foreclosure starts went up slightly from 58,900 this month to 58,400 for the previous period
-Notice of foreclosure sale decreased to 84,200 from 86,000 compared to the previous period
-Short sales declined last month to 19,600 compared to 26,100; REO sales also declined at 37,200 for February compared to 49,200
*Highlights from the February Making Home Affordable Servicer Performance report*
-As of February, more than 970,000 homeowners received a permanent HAMP modification, saving more than $530 on their mortgage payments each month.
-Eighty-five percent of homeowners entering the program in the last 20 months have received a permanent modification, with an average trial period of 3.5 months.
-Homeowners in HAMP permanent modifications have saved an estimated $11.6 billion to date.
