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HUD Treas. mark increased housing mkt. stability
WASHINGTON (10/27/10)--Home prices are beginning to stabilize, and reduced interest rates are making homebuying more affordable, the U.S. Department of Housing and Urban Development and the U.S. Treasury reported in the Obama Administration’s most recent housing scorecard. The monthly housing scorecard serves as a catalog of several key housing market indicators. The report noted that “record low interest rates have helped more than 7.1 million homeowners to refinance, resulting in more stable home prices and $12.7 billion in total borrower savings” since April 2009. Total home sales remained below early 2010 levels, but home prices levelled off during the past year, with homeowners adding $95 billion of home equity in 2010 second quarter. Home prices had declined for the previous 33 months, according to the report. However, the number of completed foreclosures continues to increase, the agencies noted. Over 1.3 million trial Home Affordable Modification Program (HAMP) modifications have been serviced since April 2009, and nearly 90% of homeowners that took part in the HAMP Program have remained in their homes. “Early data indicate that HAMP permanent modifications are performing well over time, with lower delinquency rates than those reported by the industry at large. At nine months, less than 16 percent of permanent modifications are 60+ days delinquent,” the agencies added. For the full report, use the resource link.
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