U.S. Department of Housing and Urban Development | Office of Policy Development and Research

 e Obama Administration’s Eff orts 

To Stabilize  e Housing Market 

and Help American Homeowners

December 2011

U.S Department of Housing and Urban Development | U.S. Department of the Treasury

December 2011 National Scorecard | Page 1

The Administration’s goal is to stabilize the housing market and provide 

security for homeowners. To meet these objectives in the context of 

a very challenging market, the Administration developed a broad 

approach implementing state and local housing agency initiatives, tax 

credits for homebuyers, neighborhood stabilization and community 

development programs, mortgage modifi cations and refi nancing, 

housing counseling, continued Federal Housing Administration (FHA) 

engagement, support for Fannie Mae and Freddie Mac and increased 

consumer protections. In addition, Federal Reserve and Treasury 

Mortgage-Backed Securities purchase programs have helped to keep 

mortgage interest rates at record lows over the past year. More detail 

on the Administration’s efforts can be found in the Appendix.

December 2011 Scorecard on Administration’s 

Comprehensive Housing Initiative 

The President’s housing market recovery efforts began immediately after 

taking offi ce in February 2009. The December 2011 housing scorecard 

includes the following key indicators of market health and results of the 

Administration’s comprehensive response, as outlined above:

• Housing data available through November show some 

subtle improvements in the market over the past year, 

but underscore fragility as the overall outlook remains 

mixed. For example, new and existing home sales rose compared 

to the prior month and remain higher than a year ago, but home 

prices showed a slight dip from the prior month and stayed below 

year ago levels. Also, fewer homeowners fell into foreclosure in 

November as the Administration continues to push servicers to 

provide more effective assistance to troubled borrowers; but the 

year-over-year decline in foreclosure actions is also due to delays in 

lender processing.

• Homes today are more affordable for average families 

than they have been since 1971. Median-income families 

today have nearly double the funds needed to purchase the average 

home, as indicated by the October 2011 affordability index value 

of 197.8. At the peak of the house price bubble in 2006 that index 

was near 100, meaning that the average family could just barely 

afford an average home. The improvement in affordability since July 

2006 is due in part to the 33-consecutive months of decline in home 

prices through April 2009; recent affordability gains are related to 

the decline in mortgage interest rates. 

• The Administration’s recovery efforts have helped 

millions of families deal with the worst economic 

crisis since the Great Depression. More than 5.5 million 

modifi cation arrangements were started between April 2009 and 

the end of November 2011 – including more than 1.7 million 

HAMP trial modifi cation starts and more than 1.1 million FHA loss 

mitigation and early delinquency interventions. Nearly 910,000 

homeowners have received a HAMP permanent modifi cation 

to date, saving an estimated $9.9 billion in monthly mortgage 

payments. The Administration’s programs continue to encourage 

improved standards and processes in the industry, with HOPE Now 

lenders offering families and individuals more than 2.6 million 

proprietary mortgage modifi cations through November. While 

some homeowners may have received help from more than one 

program, the total number of agreements offered continues to more 

than double the number of foreclosure completions for the same 

period (2.5 million). The November Monthly Report can be found at: 

http://www.treasury.gov/initiatives/fi nancial-stability/results/MHAReports/Pages/default.aspx

Given the current fragility and recognizing that recovery will take place 

over time, the Administration remains committed to its efforts to prevent 

avoidable foreclosures and stabilize the housing market.
December 2011 National Scorecard | Page 2

U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners 

*



House Prices Stable in October, 

Distressed Sales Remain Key In is Fragile Recovery




		
	


	
	
	
 ­
	
		

­
	


	

­












Existing And New Home Sales 



	











 	 
­










­

 
­



	 








	

Existing Homes One Market 

Number Of Units Held Offe Mark



 ­


­ 

­






	

				

 
 	     

Expectations On House Prices Remain Ab



­








U.S Department of Housing and Urban Development U.S. Department of the Treasury  e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners 



12.5 Million Homeowners Have Re

Since April 1, 2009




			





		




 ­




	­



Mortgage Aid Extended 5.5 Million Times, Outpacing Foreclosures 



	
	






 

 ­
 
 



























Mortgage Aid Helps Foreclosures T

Foreclosure Starts Turn Down I



	


	





 ­ 



­





 





Mortgage Rates At Record Lows,

Affordability Index Remains High 




­ ­­


­­

December 2011 National Scorecard | Page 3
U.S Department of Housing and Urban Development U.S. Department of the Treasury  e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners 





     

Homeowners Save From Reduced Mortg



	


  ­­




 ­


­
	­ 


­



     

Housing Counselors Serve Million

 






 

 









Total Home Equity Similar To Prior Quarter 

 And Remains Higher an First Quarter 2009 


 





	






FHA Supports Mortgage Lending During Crisis

	 

­



  



­ 


­

December 2011 National Scorecard | Page 4
 e Obama Administration’s Eff 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 2011

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

December 2011 National Scorecard | Page 5

HOUSING MARKET FACT SHEET

Indicator  is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 3.95 3.91 4.86 5.10 29-Dec-11

Housing Affordability (index) 197.8 188.9 (r) 178.6 166.3 October-11

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

 CoreLogic - Excluding Distressed Sales (NSA)

140.3

183.0

151.2

142.0

183.4

150.6

(r)

(r)

145.2

188.3

151.9

150.5

197.3

161.6

(r)

(r)

October-11

October-11

October-11

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

 Distressed Sales (percent, NSA)

26.3

368.3

197.3

28

(p)

(p)

25.8

354.2

190.0

27

(r)

(r)

(r)

23.9

334.2

149.9

32

(r)

(r)

31.4

395.0

174.8

32

November-11

November-11

November-11

October-11

Housing Supply

 Existing 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 (thousands)

2,580

7.0

158

6.0

3,839

2,740

7.7

160

6.2

3,843

(r)

(r)

(r)

(r)

3,150

9.6

196

8.2

3,585

3,130

9.4

353

11.2

3,511

(r) November-11

November-11

November-11

November-11

3rd Q 11

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

950.6

582.6

(p)

(p)

851.3

593.4

1,341.9

500.6

767.2

986.4

3rd Q 11

3rd Q 11

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

 22.0 

 59.2 

 44.5 

(p)

(p)

(p)

 26.9 

 57.8 

 39.4 

(r)

(r)

(r)

 58.1 

 58.0 

 42.7 

62.9

72.7

56.2

November-11

November-11

November-11

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

4.4

31.8

12.8

4.2

31.2

12.7

4.9

35.7

12.7

4.4

34.1

14.3

November-11

November-11

November-11

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

 1,449 

 1,778 

 689 

 1,443 

 1,768 

 662 

 1,590 

 1,823 

 589 

 913 

 1,642 

 333 

November-11

November-11

November-11

Underwater Borrowers (thousands) 10,723 10,882 10,780 -- 3rd Q 10

Foreclosure Actions (thousands)

 Notice of Default (Foreclosure Starts)

 Notice of Foreclosure Sale 

 Foreclosure Completions

 Short Sales 

 REO Sales

 71.7 

 96.5 

 56.1 

 21.4 

 41.3 

(p)

(p)

 77.7 

 85.3 

 67.6 

 24.7 

 50.5 

(r)

(r)

 79.0 

116.0 

67.4 

19.5 

58.4 

 121.5 

 103.0 

 78.9 

 13.9 

 74.2 

November-11

November-11

November-11

October-11

October-11

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator  is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions 

 HOPE Now Modifi cations

 HARP Refi nances

19.1

26.9

41.9

53.4

33.6

21.4

26.1

44.0

50.4

34.8

1,755

910

1,150

2,630

962

November-11

November-11

November-11

October-11

October-11

Counseled Borrowers (thousands) 582.8 404.5 6,388 2nd Q 11

Borrower Annual Savings ($ millions) 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 All Refi nances

--

--

--

--

--

--

450

4,547

22,168

(r)

(r) 

(r)

3rd Q 11

3rd Q 11

3rd Q 11

Activities Completed Under NSP (housing units) 

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

--

--

--

-- 

-- 

-- 

7,455 [51,408]

18,245 [24,807]

8,494 [20,149]

(b)

(b)

(b)

3rd Q 11

3rd Q 11

3rd Q 11

Change in Aggregate Home Equity ($ billions) –44.6 10.2 (r) 22.6 3rd Q 11

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process.
 e Obama Administration’s Eff 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 2011

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

December 2011 National Scorecard | Page 6

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions 

 HOPE Now Modifi cations

 HARP Refi nances

Monthly

Monthly

Monthly

Monthly

Monthly

Treasury

Treasury

HUD

Hope Now Alliance

Federal Housing Finance Agency

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

As reported.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings 

 HAMP Trial Modifi cations

 

 HAMP Permanent Modifi cations

 

 All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations 

and Freddie Mac monthly savings estimates. 

HUD estimate of annualized savings based on Treasury reported active HAMP permanent 

modifi cations and median monthly savings estimates. 

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

 New Construction or Residential Rehab

 

 Demolition or Clearance

 

 Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing 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. Bracketed 

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to 

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal 

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a 

family with the median income has exactly enough income to qualify for a mortgage on a 

median-priced home. An index above 100 signifi es that family earning the median income 

has more than enough income to qualify.

Home Prices 

 Case-Shiller (NSA)

 FHFA (SA)

 CoreLogic - Excluding Distressed Sales (NSA)

Monthly

Monthly

Monthly

Standard and Poor’s

Federal Housing Finance Agency

CoreLogic

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s recommends 

use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100. 

CoreLogic national combined index, distressed sales excluded, January 2000 = 100. 

(Only available as NSA).

Home Sales (SA)

 New 

 

 

 Existing 

 

 

 First Time Buyers

 Distressed Sales (NSA) 

Monthly

Monthly

Monthly

Monthly

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

CoreLogic

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered 

sold when either a sales contract has been signed or a deposit accepted, even if this occurs 

before construction has actually started. 

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily, townhomes, condominiums and co-ops, are based on transaction closings. This differs 

from the U.S. Census Bureau’s series on new single-family home sales, which are based on 

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National 

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Short sales and REO (Real Estate Owned) sales as a percent of total existing home sales 

(current month subject to revision).

Housing Supply

 Existing Homes for Sale (NSA)

 Existing Homes - Months’ Supply

 New Homes for Sale (SA)

 New Homes for Sale - Months’ Supply (SA)

 Vacant Units Held Off Market 

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations 

 Refi nance Originations

 

 Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association 

and HUD

Mortgage Bankers Association 

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance 

originations. 

HUD estimate of home purchase originations based on MBA estimate of dollar volume of home 

purchase originations. 

FHA Originations 

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyer

Monthly

Monthly

Monthly

HUD 

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward 

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

 Prime

 Subprime

 FHA

Monthly

Monthly

Monthly

LPS Applied Analytics

HUD

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 Mortgages 

 Prime

 Subprime

 FHA

Monthly

Monthly

Monthly

LPS Applied Analytics, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly CoreLogic As reported. 

Foreclosure Actions

 Notice of Default (Foreclosure Starts)

 

 Notice of Foreclosure Sale 

 Foreclosure Completions

 Short sales

 REO Sales

Monthly

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

CoreLogic

CoreLogic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in 

states where the fi ling 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).

Count of REO (Real Estate Owned) Sales for the month as reported (current month subject to 

revision).
 e Obama Administration’s Eff 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 2011

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

December 2011 National Scorecard | Page 7

SOURCES AND METHODOLOGY

B. 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 existing 

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January 

2000 = 100, FHFA monthly (purchase-only) index for US (SA), January 1991 = 100, and CoreLogic-Distressed Sales Excluded (Monthly) for US (NSA), 

January 2000 =100. 

 

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller 

index 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 refi nance originations based on MBA estimate of dollar volume of refi nance originations. 

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by 

Hope 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 “Foreclosure 

Actions” above. 

7. See “Borrower Annual Savings” above. 

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in 

“Mortgage Originations” above. 
 e Obama Administration’s Eff 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 2011

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

December 2011 National Scorecard | Page 8

The Administration has taken a broad set of actions to stabilize the housing market and help 

American homeowners. Two years ago, stress in the fi nancial system had severely reduced 

the supply of mortgage credit, limiting the ability of Americans to buy homes or refi nance 

mortgages. Millions of responsible families who had made their monthly payments and had 

fulfi lled their obligations saw their property values fall. They also found themselves unable to 

refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the 

Homeowner Affordability and Stability Plan. As part of this plan and through other housing 

initiatives, the Administration has 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 

mortgage backed securities through independent MBS purchase programs, helping to 

keep mortgage rates at historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to 

affordable levels and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable 

homeownership and rental resources;

• Supported the First Time Homebuyer Tax Credit, which helped more than 2.5 million 

American families purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low 

income housing tax credit programs and $6.92 billion in support for the Neighborhood 

Stabilization Program to restore neighborhoods hardest hit by the concentrated 

foreclosures;

• Created the $7.6 billion HFA Hardest Hit Fund for innovative foreclosure prevention 

programs in the nation’s hardest hit housing markets.

• Launched the $1 billion Emergency Homeowners Loan Program, as part of the DoddFrank Wall Street Reform and Consumer Protection Act, to help unemployed and 

underemployed homeowners pay a portion of their monthly mortgage.

• Created an FHA Short Refi nance Option that helps underwater borrowers refi nance into 

a new, stable, FHA-insured mortgage that is more aligned with actual property values.

• Supported home purchase and refi nance activity through the FHA to provide access to 

affordable mortgage capital and help homeowners prevent foreclosures.

###

Appendix