E Obama Administration’s E Orts To Stabilize E .
The Obama Administration’s EffortsTo Stabilize The Housing Marketand Help American HomeownersDecember 2010U.S. Departmentof Housingand UrbanDevelopment Officeof PolicyDevelopmentResearchU.S Departmentof Housingand UrbanDevelopment U.S.Departmentof the andTreasuryThe Administration’s goal is to stabilize the housing market andprovide security for homeowners. To meet these objectives in thecontext of a very challenging market, the Administration developeda broad approach implementing state and local housing agencyinitiatives, tax credits for homebuyers, neighborhood stabilizationand community development programs, mortgage modificationsand refinancing, housing counseling, continued Federal HousingAdministration (FHA) engagement, support for Fannie Mae andFreddie Mac and increased consumer protections. In addition, FederalReserve and Treasury MBS purchase programs have helped to keepmortgage interest rates at record lows over the past year. More detailon the Administration’s efforts can be found in the Appendix.December 2010 Scorecard on Administration’sComprehensive Housing InitiativeThe President’s housing market recovery efforts began immediately aftertaking office in February 2009. Data in the scorecard also show thatthe recovery in the housing market continues to remain fragile. While therecovery will take place over time, the Administration remains committedto its efforts to prevent avoidable foreclosures and stabilize the housingmarket. The December 2010 housing scorecard includes the followingkey indicators of market health and results of the Administration’scomprehensive response, as outlined above: Foreclosure starts and completions dropped significantlyin November. As lenders review internal procedures relatedto foreclosure processing, many foreclosure actions have beendelayed leading to a 21 percent drop in foreclosure activity inNovember. While this is the biggest month over month decreasesince 2005, the decline is likely to be temporary as lenderseventually revise and resubmit foreclosure paperwork in thecoming months. As expected with the expiration of the Homebuyer TaxCredit, new and existing home sales have remainedbelow levels seen in the first half of 2010. However, thismonth’s report also shows that home prices and home equitydeclined moderately, as prices remain unsettled at this fragilestage of the recovery. More than 3.9 million loss mitigation actions werestarted between April 2009 and the end of October2010 —more than double the number of foreclosurecompletions during that time. These actions included over1.4 million Home Affordable Modification Program (HAMP)trial modification starts, more than 600,000 Federal HousingAdministration (FHA) loss mitigation and early delinquencyinterventions, and nearly 1.8 million proprietary modificationsunder HOPE Now. While some homeowners may have receivedhelp from more than one program, the number of agreementsoffered were more than double the number of foreclosurecompletions for the same period (1.7 million). To view theNovember HAMP Servicer Performance Report, 02010%20MHA%20Report.pdf.
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners December 2010Expectations On House Prices Have Shifted Up From 2009House Prices Unsettled During This Fragile Stage of Recovery Existing Homes On The Market Below Peak,Number Of Units Held Off The Market Remains HighExisting And New Home Sales U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners December 2010Mortgage Rates Remain Near Record LowsAnd Affordability Index Remains High8.3 Million Homeowners Have Refinanced Since April 1, 2009 D5; D; C; B; A; @; ?; ; ; ; ;; D; C; C5; B5; A5; @5; ?5; 5; 5; 5; ;5; Foreclosure Starts And Completions FallAs Lenders Review Internal ProceduresMortgage Aid Has Been Extended More Than 3.9 Million Times,Outpacing Foreclosures &( #&)-( * (*) &( #&)-( & '# &%) U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners December 2010Homeowners Save From Reduced Mortgage PaymentsHome Equity Down From Prior QuarterBut Remains Higher Than First Quarter 2009 FHA Supports Mortgage Lending During CrisisHousing Counselors Serve Millions Of Families U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury
U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S. DepartmentHousingand Urban Officeof PolicyDevelopmentand Research December 2010The Obama Administration’sEffofortsTo StabilizeTheDevelopmentHousing MarketandHelp AmericanHomeownersHOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICSIndicatorDistressed Homeowners Assisted (thousands)HAMP Trial ModificationsHAMP Permanent ModificationsFHA Loss Mitigation InterventionsHOPE Now ModificationsCounseled Borrowers (thousands)Borrower Annual Savings ( millions)HAMP Trial ModificationsHAMP Permanent ModificationsAll RefinancesActivities Completed Under NSP (housing units)New Construction or Residential RehabDemolition or ClearanceDirect Homeownership AssistanceChange in Aggregate Home Equity ( billions)This PeriodLast PeriodCumulative From Apr 1, 2009Latest 9.6652.51,896.07148394,2722nd Q 10--------1,1032,92515,2283rd Q 103rd Q 103rd Q 10210 (p)165 (p)1,040 -10November-10November-10October-10[41,168] (b) 3rd Q 10[9,158] (b) 3rd Q 10[19,272] (b) 3rd Q 104523rd Q 10HOUSING MARKET FACT SHEETIndicatorMortgage Rates (30-Yr FRM, percent)This Period4.83Last Period4.61Year Ago4.94As of Dec 20085.10Latest Release16-Dec-10Housing Affordability (index)184.2180.5170.4166.3October-10Home Prices (indices)Case Shiller (NSA)FHFA ber-10September-10Home Sales (thousands, SA)NewExistingFirst Time Buyers23.6369.2184.6 er-10October-10October-10Housing SupplyExisting Homes for Sale (thousands, NSA)Existing Homes - Months’ Supply (months)New Homes for Sale (thousands, SA)New Homes for Sale - Months’ Supply (months, SA)Vacant Units Held Off Market October-10October-10October-103rd Q 10Mortgage Originations (thousands)Refinance OriginationsPurchase 103rd Q 103rd Q 10FHA Originations (thousands)Refinance OriginationsPurchase OriginationsPurchases by First Time Buyers54.9 (p)59.3 (p)41.5 (p)55.9 (r)60.7 (r)40.7 (r)Mortgage Delinquency Rates 698--114.2115.876.722.5121.5103.078.913.9Seriously Delinquent Mortgages (thousands)PrimeSubprimeFHAUnderwater Borrowers (thousands)Foreclosure Actions (thousands)Notice of Default (Foreclosure Starts)Notice of Foreclosure SaleForeclosure CompletionsShort Sales79.0116.067.417.6 (p)100.6138.493.220.8 (r)SA seasonally adjusted, NSA not SA, p preliminary, r revised, b brackets include units in process.3rd Q 10November-10November-10November-10September-10
U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S. DepartmentHousingand Urban Officeof PolicyDevelopmentand Research December 2010The Obama Administration’sEffofortsTo StabilizeTheDevelopmentHousing MarketandHelp AmericanHomeownersA. Items in TablesSOURCES AND METHODOLOGYDescriptionFrequencySourcesNotes on MethodologyDistressed Homeowners AssistedHAMP Trial ModificationsHAMP Permanent ModificationsFHA Loss Mitigation InterventionsHOPE Now reasuryHUDHope Now AllianceAs reported.As reported.All FHA loss mitigation and early delinquency interventions.All proprietary modifications completed.Counseled Borrowers (thousands)QuarterlyHUDHousing counseling activity reported by all HUD-approved housing counselors.Borrower Annual SavingsHAMP Trial ModificationsQuarterlyHUD, Treasury, and Freddie MacHAMP Permanent ModificationsQuarterlyHUD and TreasuryAll RefinancesQuarterlyHUD, and MBAHUD estimate of annualized savings based on Treasury reported active HAMP trial modificationsand Freddie Mac monthly savings estimates.HUD estimate of annualized savings based on Treasury reported active HAMP permanentmodifications and median monthly savings estimates.Refinance originations (see below) multiplied by HUD estimate of annualized savings per refinance.QuarterlyHUDDemolition or ClearanceQuarterlyHUDDirect Homeownership AssistanceQuarterlyHUDChange in Aggregate Home EquityQuarterlyFederal Reserve BoardDifference in aggregate household owners’ equity in real estate as reported in the FederalReserve Board’s Flow of Funds Accounts of the United States for stated time period.Mortgage Rates (30-Yr FRM)WeeklyFreddie MacPrimary Mortgage Market Survey, as reported for 30-Year fixed rate mortgages (FRM).Housing AffordabilityMonthlyNational Association of Realtors NAR’s composite housing affordability index as reported. A value of 100 means that afamily with the median income has exactly enough income to qualify for a mortgage on amedian-priced home. An index above 100 signifies that family earning the median incomehas more than enough income to qualify.Home PricesCase-Shiller (NSA)MonthlyStandard and Poor’sMonthlyFederal Housing Finance AgencyMonthlyHUD and Census BureauCompleted Activities Under NSP (housing units)New Construction or Residential RehabFHFA (SA)Home Sales (SA)NewExistingMonthlyFirst Time BuyersMonthlyHousing units constructed/rehabilitated using Neighborhood Stabilization Program.Bracketed numbers include units in process, to be completed by 3/2013.Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketednumbers as above.Completed downpayment assistance or non-amortizing second mortgages by grantee tomake purchase of NSP unit affordable. Bracketed numbers as above.Case-Shiller 20-metro composite index, January 2000 100. Standard and Poor’srecommends use of not seasonally adjusted index when making monthly comparisons.FHFA monthly (purchase-only) index for US, January 1991 100.Seasonally adjusted annual rates divided by 12. A newly constructed house is consideredsold when either a sales contract has been signed or a deposit accepted, even if this occursbefore construction has actually started.National Association of Realtors Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily, townhomes, condominiums and co-ops, are based on transaction closings. This differsfrom the U.S. Census Bureau’s series on new single-family home sales, which are based oncontracts or the acceptance of a deposit.Sum of seasonally adjusted new and existing home sales (above) multiplied by NationalNAR, Census Bureau, and HUDAssociation of Realtors annual estimate of first time buyer share of existing home sales.Housing SupplyExisting Homes for Sale (NSA)Existing Homes - Months’ SupplyNew Homes for Sale (SA)New Homes for Sale - Months’ Supply (SA)Vacant Units Held Off l Association of Realtors National Association of Realtors HUD and Census BureauHUD and Census BureauCensus BureauAs reported.As reported.As reported.As reported.As reported.Mortgage OriginationsRefinance OriginationsQuarterlyPurchase OriginationsQuarterlyMortgage Bankers Associationand HUDMortgage Bankers Associationand HUDHUD estimate of refinance originations based on MBA estimate of dollar volume of refianceoriginations.HUD estimate of home purchase originations based on MBA estimate of dollar volume of homepurchase originations.FHA OriginationsRefinance OriginationsPurchase OriginationsPurchases by First Time BuyersMonthlyMonthlyMonthlyHUDHUDHUDFHA originations reported as of date of loan closing. Estimate for current month scaled upwarddue to normal reporting lag and shown as preliminary.Mortgage Delinquency Rates sh AnalyticsLPS-McDash AnalyticsHUDTotal mortgages past due (30 days) but not in foreclosure, divided by mortgages actively serviced.Total mortgages past due (30 days) but not in foreclosure, divided by mortgages actively serviced.Total FHA mortgages past due (30 days) but not in foreclosure, divided by FHA’s insurance in force.Seriously Delinquent McDash, MBA, and HUDLPS-McDash, MBA, and HUDHUDMortgages 90 days delinquent or in foreclosure, scaled up to market.Mortgages 90 days delinquent or in foreclosure, scaled up to market.Mortgages 90 days delinquent or in foreclosure.Underwater BorrowersQuarterlyFirst American CoreLogicAs reported.Foreclosure ActionsNotice of Default (Foreclosure Starts)MonthlyRealty TracMonthlyMonthlyMonthlyRealty TracRealty TracCore LogicReported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted instates where the filing of a notice of default is optional.Notice of sale (auctions).Real Estate Owned (REO).Count of Short Sales for the month as reported (current month subject to revision).Notice of Foreclosure SaleForeclosure CompletionsShort sales
U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S. DepartmentHousingand Urban Officeof PolicyDevelopmentand Research December 2010The Obama Administration’sEffofortsTo StabilizeTheDevelopmentHousing MarketandHelp AmericanHomeownersSOURCES AND METHODOLOGYB. Notes on Charts.1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existinghome sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January2000 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 100.2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index figures report forward expectations of the level of the S&P/Case Shillerindex as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.4. HUD estimate of refinance originations based on MBA estimate of dollar volume of refinance originations.5. Cumulative HAMP modifications started, FHA loss mitigation and early delinquency interventions, plus proprietary modifications completed as reported byHope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned(REO) as reported by Realty Trac.6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “ForeclosureActions” above.7. See “Borrower Annual Savings” above.8. FHA market shares as FHA purchase and refinance originations divided by HUD estimates of purchase and refinance mortgage originations as noted in“Mortgage Originations” above.
U.S Department of Housing and Urban DevelopmentU.S. Department of the TreasuryU.S. DepartmentHousingand Urban Officeof PolicyDevelopmentand Research December 2010The Obama Administration’sEffofortsTo StabilizeTheDevelopmentHousing MarketandHelp AmericanHomeownersAppendixThe Administration has taken a broad set of actions to stabilize the housing market and help Americanhomeowners. A year ago, stress in the financial system had severely reduced the supply of mortgage credit,limiting the ability of Americans to buy homes or refinance mortgages. Millions of responsible families whohad made their monthly payments and had fulfilled their obligations saw their property values fall. They alsofound themselves unable to refinance at lower mortgage rates.In February 2009, less than one month after taking office, President Obama announced the HomeownerAffordability and Stability Plan. As part of this plan and through other housing initiatives, the Administrationhas taken the following actions to strengthen the housing market: Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit; The Federal Reserve and the U.S. Treasury purchased more than 1.4 trillion in agency mortgagebacked securities through independent MBS purchase programs, helping to keep mortgage rates athistoric lows; Launched a modification initiative to help homeowners reduce mortgage payments to affordable levelsand to prevent avoidable foreclosures; Launched a 23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownershipand rental resources; Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American familiespurchase homes; Provided more than 5 billion in support for affordable rental housing through low income housing taxcredit programs and 6.92 billion in support for the Neighborhood Stabilization Program to res
e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development Office of Policy Development and Research December 2010 U.S Department of Housing and Urban Development U.S. Department o
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