The Administration’s goal is to promote stability for both the 

housing market and 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, continued 

FHA engagement, and support for Fannie Mae and Freddie 

Mac. In addition, Federal Reserve and Treasury MBS 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.

July 2010 Scorecard on Administration’s 

Comprehensive Housing Initiative 

• Historic low rates continue to promote affordability: 

Families continue to benefi t from the lowest rates in history 

on 30-year fi xed mortgages. Since April of 2009, record 

low rates have helped more than 7.2 million homeowners to 

refi nance, resulting in more stable home prices and $12.9 

billion in total borrower savings.

• Over twice as many homeowners helped compared to 

foreclosure completions: Nearly three million borrowers 

have received restructured mortgages since April 2009, 

outpacing the 1.24 million foreclosure completions for the 

same period. As more families are able to remain in their 

homes, household assets continue to rise with $1.1 trillion in 

home equity gained since April 2009.

• HAMP permanent modifications are on pace, as more 

than 51,000 trial agreements graduated to permanent in 

June: Servicers report the number of homeowners receiving 

restructured mortgages has increased to a new total of 2.95 

million, including more than 1.2 million homeowners under 

HAMP trial modifi cations and nearly 400,000 benefi tting 

from FHA loss mitigation activities. However, cancellations 

from HAMP trial plans remain high as many borrowers who 

received temporary modifi cations were not able to meet 

eligibility requirements such as verifying their income and 

successfully making trial payments. Link to view the latest 

Making Home Affordable program report: 

http://makinghomeaffordable.gov/docs/June%20

MHA%20Public%20Revised%20080610.pdf

For the fi rst time, this report now tracks the impact of HUD’s 

Neighborhood Stabilization Program (NSP), a $6 billion effort to 

help local jurisdictions address the foreclosure crisis by allowing 

grantees to acquire foreclosed homes and repair, redevelop, rent 

or sell them to low and moderate income households. Nearly $2 

billion in Recovery Act funds were awarded in the second round 

of NSP grants. 

Meanwhile other data in the scorecard show that the recovery 

of the housing market remains fragile, with the some measures 

suggesting recovery will take place over time. For example, 

in May, sales of new and existing sales dropped after the 

expiration of the tax credit, and the supply of homes on and off 

the market remains near all-time highs; it will take time to work 

through this large inventory. 

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

 e Obama Administration’s E orts To Stabilize 

 e Housing Market 

and Help American Homeowners

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




Existing Homes on the Market Below P

Units Held Off the Market Has 



	




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Expectations on House Prices Have Sh

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Existing and New Home Sales 



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House Prices Show Signs of Stabilizing




 


	

 

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

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeo
833333.3





Mortgage Rates Fall to Record Low and Aordability Index Remains High




	









 
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7.2 Million Homeowners Have Renanced 





 




 











Foreclosure Starts Declining, Fore

Completions Remain Elevate




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ree Million Borrowers Have Received Restructured Mortgages,

Outpacing Foreclosures 

 






	

     
  


 



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

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeo




Home Equity Up More than $1 Trillion Since First Quarter 2009 



	









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Homeowners Save From Reduced M

 



 









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FHA Supports Mortgage Lending During Crisis

	







	  



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Housing Counselors Serve Milli

 
	






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

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American Homeo
 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

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

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

Mortgage Rates (30-Yr FRM, percent) 4.57 4.57 5.14 5.1 15-Jul-10

Housing Affordability (index) 162.0 168.3 174.2 166.3 May-10

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

144.6

194.7

143.4

193.2

139.3

197.7

150.5

199.0

April-10

April-10

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

25.0

471.7

233.4

37.2

482.5

244.2

30.6

395.8

200.4

31.4

395.0

174.8

May-10

May-10

May-10

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)

3,892.0

8.3

213.0

8.5

3,628.0

4,029.0

8.4

214.0

5.8

3,497.0

3,851.0

9.7

291.0

9.5

3,527.0

3,700.0

9.4

353.0

11.2

3,508.0

May-10

May-10

May-10

May-10

1st Q 10

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

1,100.8 (p)

1,140.8 (p)

1,178.3

683.5

1,941.0

997.4

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

25.22 (p)

118.9 (p)

89.2 (p)

27.7

112.1

81.8

79.4

107.9

85.2

62.9

72.7

56.2

June-10

June-10

June-10

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

5.6

36.3

12.4

5.9

36.4

12.4

5.0

34.3

12.2

4.4

34.1

14.3

June-10

June-10

June-10

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

1,868.0

1,885.7

551.3

1,939.5

1,930.9

548.2

1,472.3

1,817.1

368.2

910.5

1,642.8

333.1

June-10

June-10

June-10

Underwater Borrowers (thousands) 11,276.9 11,321.7 10,163.3 (a) -- 1st Q 10

Foreclosure Actions (thousands)

 Foreclosure Starts

 Notice of Foreclosure Sale

 Foreclosure Completions

96.2

132.1

85.5

96.5

132.7

93.8

116.1

141.6

79.7

121.5

103.0

78.9

June-10

June-10

June-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

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

Distressed Borrowers Assisted (thousands)

 HAMP Trial Modifi cations 

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions 

 HOPE Now Modifi cations

38.7

51.2

32.9

112.1

30.1

47.7

25.2

103.1

1,282.9

398.0

416.4

1,322.7

June-10

June-10

June-10

May-10

Counseled Borrowers (thousands) 839.4 1,075.6 3,558 1st Q 10

Borrower Annual Savings ($ millions) 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,410.3

12,909.0

2nd Q 10

2nd Q 10

2nd Q 10

Completed Activities under NSP (housing units)

 New Construction or Residential Rehab

 Demolition or Clearance

 Direct Homeownership Assistance

2,118 (p)

1,278

48

8,597 (p)

3,580

679

21,148 (p)

11,814

3,283

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity 

 ($ billions) 28.6 97.3 1,079.4 1st Q 10

SA= seasonally adjusted, NSA = not seasonally adjusted, p = preliminary, a = adjusted for methodology change.
 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

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

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

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

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

Treasury, Freddie Mac, and HUD

Treasury and HUD

MBA, Treasury, and HUD

Estimates of average savings per HAMP Trial Modifi cations by Freddie Mac. 

Average savings per HAMP permanent modifi cation by Treasury.

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

Completed Activities under NSP (housing units)

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

Monthly

Monthly

Monthly

HUD

HUD

HUD

Housing Units Constructed/Rehabilitated using Neighborhood Stabilization Program.

Housing Units Demolished/Cleared using Neighborhood Stabilization Program.

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

make purchase of NSP unit affordable.

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.

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)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

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. 

Home Sales (SA)

 New 

 

 

 Existing 

 

 

 First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

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 

single-family, 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.

Housing Supply

 Existing Homes for Sale (SA)

 Existing Homes - Months’ Supply

 New Homes for Sale (SA)

 New Homes for Sale - Months’ Supply 

 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 Buyers

Monthy

Monthy

Monthy

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

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total 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 Mortgages 

 Prime

 Subprime

 FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 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 Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates 

prior to the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

 Foreclosure Starts

 Notice of Foreclosure Sale 

 Foreclosure Completions

Monthy

Monthy

Monthy

Realty Trac

Realty Trac

Realty Trac

Notice of default plus lis pendens.

Notice of sale (auctions).

Real Estate Owned (REO).
 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

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

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, and 

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

2. S&P/Case-Shiller 20 Metro Index as reported monthly. Futures index fi gures report forward expectations of house prices refl ected by the market as of the 

date indicated.

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. 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.

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 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

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

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

homeowners. A year 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 to 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 has helped 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 $2 billion in support for the Neighborhood Stabilization Program through the 

Recovery Act to restore neighborhoods hardest hit by concentrated foreclosures;

• Created the $2.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the 

nation’s hardest hit housing markets.

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

mortgage capital and help homeowners prevent foreclosures.

###

Appendix