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Administration's January housing scorecard calls outlook "mixed".

On Feb. 6, the Obama administration released its latest: set of statistics on how its housing-recovery and foreclosure-prevention programs are faring. The housing scorecard for January shows "the overall outlook remains mixed," according to a press release issued jointly by the Department of Housing and Urban Development (HUD) and the Department of Treasury.

The release highlighted the fact that housing market data show progress on the housing overhang. The inventories of existing homes for sale have continued to improve over the last two quarters, declining from 3.2 million in the second quarter to 2.4 million in the fourth quarter, the administration said.

The scorecard noted that more than 930,000 homeowners have received a permanent modification under the Home Affordable Modification Program (HAMP). The press release noted that HOPE NOW lenders had offered families and individuals more than 2.6 million proprietary mortgage modifications through December 2011.

The administration's press release also noted, "Quarterly redefault data shows that HAMP modifications are sustainable for the majority of homeowners. After six months in the program, more than 94 percent of homeowners remain in their permanent modification. HAMP modifications continue to show lower re-default rates than industry modifications."

The scorecard also noted progress being made to stabilize neighborhoods that have been hardest hit by foreclosures. Florida has received more than $1 billion through the administration's Hardest Hit Fund to fuel local foreclosure-prevention efforts and foster market stability. The press release said that approximately $187 million has been awarded to nine jurisdictions through the Neighborhood Stabilization Program to help purchase or redevelop residential properties and address the effects of abandoned and foreclosure units.
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Title Annotation:Briefing Book
Comment:Administration's January housing scorecard calls outlook "mixed".(Briefing Book)
Publication:Mortgage Banking
Date:Mar 1, 2012
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