Development y of Polic e Offic | velopment 

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

rch ea Res d Development an y c 

The Obama Administration’s Efforts 

To Stabilize the Housing Market 

and Help American Homeowners

December 2015

U.S Department of Housing and Urban Development

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

security for homeowners. To meet these objectives in a 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 modifications and refinancing, 

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. More detail 

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

• Homeowners’ Equity rose again in the third quarter of 2015. 

Homeowners’ equity (total property value less mortgage debt outstanding) 

was up $361 billion (3.0 percent) from the second quarter of 2015, for a 

total of nearly $12.4 trillion—the highest level since the fourth quarter of 

2006. Homeowners’ equity peaked in the first quarter of 2006 at nearly 

$13.3 trillion. The increase in owners’ equity was $260 billion in the second 

quarter. The change in equity since April 1, 2009, when the Administration 

initiated its broad set of actions to stabilize the housing market, now stands at 

more than $6.1 trillion (+98.6 percent). (Source: Federal Reserve.)

• The number of homeowners in negative equity continued to 

decline in the third quarter. As of the third quarter of 2015, CoreLogic 

estimated that 4.1 million homes, or 8.1 percent of residential properties 

with a mortgage, were in negative equity. This compares to 4.3 million, or 

8.7 percent, that were reported in negative equity in the second quarter 

and 5.2 million, or 10.4 percent, one year ago. From the beginning 

of 2012 through the third quarter of 2015, the number of underwater 

borrowers (those who owe more on their mortgage than the value of their 

home) has declined by 66 percent—from 12.1 million to 4.1 million—or by 

8.0 million homeowners. (Source: CoreLogic.)

• The October 2015 FHFA house price index rose above its 

previous peak, set in March 2007 during the housing bubble.

The Federal Housing Finance Agency (FHFA) seasonally adjusted purchaseonly house price index for October showed home values rose 0.5 percent 

over the previous month and 5.6 percent over the previous year. The yearover-year house price gain has been 5.6 percent for the past four months. 

The FHFA index shows that U.S. home values now stand 0.3 percent above 

their previous peak in March 2007 and 27 percent above their previous 

low in March 2011. 

• Sales of previously owned (existing) homes slumped in 

November to the slowest pace since April 2014, as a change 

in industry rules lengthened the time it took buyers to close 

a contract. The National Association of Realtors® (NAR) reported that 

sales of existing homes (including single-family homes, townhomes, 

condominiums, and cooperatives) fell 10.5 percent in November to 4.76 

million (SAAR) from an October sales pace that was revised downward 

to 5.32 million units. NAR believes the drop in sales can be partially 

explained by the new CFPB’s (Consumer Financial Protection Bureau’s) 

‘Know Before You Owe’ rule, which has increased the timeframe for 

completing sales transaction as the industry adjusts to the new rule. The 

length of time it took buyers to close on a home purchase was 41 days in 

November, up from 36 days a year earlier. Existing home sales have been 

above the 5 million mark for 8 out of 11 months this year. November sales 

were 3.8 percent below a year ago—the first year-over-year decline since 

September 2014. 

• The Administration’s foreclosure mitigation programs 

continue to provide relief for millions of homeowners as 

the recovery from the housing crisis continues. In all, more 

than 10.1 million mortgage modifications and other forms of mortgage 

assistance arrangements were completed between April 2009 and the 

end of November 2015. More than 2.5 million homeowner assistance 

actions have taken place through the Making Home Affordable Program, 

including nearly 1.6 million permanent modifications through the Home 

Affordable Modification Program (HAMP), while the Federal Housing 

Administration (FHA) has offered more than 3.0 million loss mitigation and 

early delinquency interventions through November. These Administration 

programs continue to encourage improved standards and processes in 

the industry, with lenders offering families and individuals more than 4.6 

million proprietary modifications through October (data are reported with a 

2-month lag). You can read the Treasury’s MHA report here.

Encouraging news notwithstanding, there is a need to continue with recovery 

efforts to foster home sales, help those homeowners that remain underwater, 

and reduce mortgage delinquency rates that remain elevated. There is also 

considerable geographic variation in market conditions not captured in the 

national statistics, which suggests some markets are improving at different rates 

than others.

December 2015 National Scorecard | Page 1
U.S Department of Housing and Urban Development

The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners | December 2015

December 2015 National Scorecard | Page 2
U.S Department of Housing and Urban Development

The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners | December 2015

December 2015 National Scorecard | Page 3
U.S Department of Housing and Urban Development

The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners | December 2015

December 2015 National Scorecard | Page 4
The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research| December 2015

U.S Department of Housing and Urban Development

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator This Period Last Period Cumulative From April 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

 HAMP Trial Modifications

 HAMP Permanent Modifications

 FHA Loss Mitigation Interventions 

 HOPE Now Modifications

 HARP Refinances

 FHA Streamline Refinances

8.5

7.7

39.2

22.1

7.8

15.6

(s)

(s)

9.1

7.8

45.2

22.1

9.1

19.6

2,387

1,558

3,032

4,608

3,367

1,787

November-15

November-15

November-15

October-15

October-15

November-15

Counseled Borrowers (thousands) 280.7 319.6 12,236 2nd Q 15

Activities Completed Under NSP (housing units)

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

--

--

--

-- 

-- 

-- 

43,606 [65,623]

24,049 [24,310]

11,132[16,526]

(b,s)

(b,s)

(b,s)

3rd Q 15

3rd Q 15

3rd Q 15

Change in Aggregate Home Equity ($ billions) 360.9 259.5 (r) 6,140.4 3rd Q 15

HOUSING MARKET FACT SHEET

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

Mortgage Rates (30-Yr FRM, percent) 3.97 4.01 3.73 5.10 7-Jan16

Housing Affordability (index) 166.3 163.7 (r) 168.6 162.9 October-15

Home Prices (indices)

 Case-Shiller (NSA)

 FHFA (SA)

 CoreLogic–Excluding Distressed Sales (NSA)

182.8

227.5

184.9

182.7

226.4

183.1

(r)

(r)

(r)

173.2

214.5

173.8

150.5

195.5

159.9

October-15

October-15

October-15

Home Sales (thousands, SA)

 New

 Existing

 First-Time Buyers

 Distressed Sales (percent, NSA)

40.8

396.7

140.0

11

(s)

(p)

39.2

443.3

154.4

11

(r)

(r)

(r,s)

37.4

412.5

148.5

13

(s)

31.4

334.2

149.9

32

November-15

November-15

November-15

October-15

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)

2,040

5.1

232

5.7

3,788

2,110

4.8

227

5.8

3,822

(r)

(r)

(r)

2,080

5.0

210

5.6

3,922

3,130

9.4

353

11.2

3,542

November-15

November-15

November-15

November-15

3rd Q 15

Mortgage Originations (thousands)

 Refinance Originations

 Purchase Originations

583.6

1,007.0

708.7

940.2

530.0

821.9

767.1

986.3

3rd Q 15

3rd Q 15

FHA Originations (thousands)

 Refinance Originations

 Purchase Originations

 Purchases by First-Time Buyers

22.6

54.3

43.7

(p)

(p)

(p)

27.9

71.9

51.9

(r)

(r)

(r)

14.3

43.8

35.7

62.9

72.7

56.2

November-15

November-15

November-15

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

2.8

27.4

9.5

2.7

26.7

9.3

3.4

31.6

10.8

4.4

34.3

14.3

November-15

November-15

November-15

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

479

626

453

490

622

450

(r) 665

927

545

915

1,632

333 

November-15

November-15

November-15

Underwater Borrowers (thousands) 4,094 4,349 5,165 -- 3rd Q 15

Foreclosure Actions (thousands)

 Foreclosure Starts

 Foreclosure Completions

 Short Sales 

 REO Sales

41.2

40.3

12.0

25.4

(p)

(p)

48.6

36.6

14.3

29.8

(r)

(r)

55.9

25.2

17.3

39.5

148.6

78.9

14.0

74.8 

November-15

November-15 

October-15

October-15

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process, s = see Additional Notes in Sources and Methodology.

December 2015 National Scorecard | Page 5
The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research| December 2015

U.S Department of Housing and Urban Development

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted 

HAMP Trial Modifications

HAMP Permanent Modifications

FHA Loss Mitigation Interventions 

HOPE Now Modifications

HARP Refinances

FHA Streamline Refinances

Monthly

Monthly

Monthly

Monthly

Monthly

Monthly

Treasury

Treasury

HUD

Hope Now Alliance

Federal Housing Finance Agency

Federal Housing Administration

As reported. Also see additional note in Section C below on HAMP Tier 2.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifications completed.

As reported. Also see note 7 in Section B below, Notes on Charts.

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

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.

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 fixed 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 signifies that a 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 (purchaseonly) 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 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 first 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 in Census CPS/HPS Table 4. Estimates of Housing Inventory, line item “Year-round vacant, held off market for reasons other than occasional use or usually reside elsewhere.” Vacant 

units can be held off the market for a variety of reasons.

Mortgage Originations 

Refinance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association 

and HUD

Mortgage Bankers Association 

and HUD

HUD estimate of refinance originations based on MBA estimate of dollar volume of refinance 

originations.

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

purchase originations. 

FHA Originations 

Refinance Originations

Purchase Originations

Purchases by First Time Buyers

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

Foreclosure Starts

Foreclosure Completions

Short sales

REO Sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

CoreLogic

CoreLogic

Foreclosure starts are reported counts of notice of default or scheduled foreclosure auction, 

depending on which action starts the foreclosure process in a state. 

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).

December 2015 National Scorecard | Page 6
The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research| December 2015

U.S Department of Housing and Urban Development

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 10-metro composite index (NSA) as reported monthly. Implied Case-Shiller futures index figures report forward expectations for the level 

of the S&P/Case Shiller index as of the date indicated, estimated from prices of futures purchased on the Chicago Mercantile Exchange reported by CME 

Group. The January 2009 market trend projection reports forward expectations estimated from prices of futures contracts reported by Radar Logic. Also see 

additional note in Section C below.

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 permanent modifications started, FHA loss mitigation and early delinquency interventions, plus proprietary modifications 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. Also see additional note in Section C below on HAMP Tier 2.

6. Beginning with the September 2012 release, filings of a notice of default or scheduled foreclosure auction, depending on which action starts the foreclosure process 

in a state, are reported for foreclosure starts. Foreclosure defaults previously had been reported as a proxy for foreclosure starts. Foreclosure completions are 

properties entering REO. Both as reported by Realty Trac. 

7. Streamlined refinances are designed to lower the monthly principal and interest payments on a mortgage. The refinances are referred to as “streamlined” 

because they involve less paperwork, reducing the time it takes to process the loan. The agency permitting the streamline refinance already bears the credit 

risk on the original loan and does not require full underwriting (enabling homeowners whose current loans may be underwater to qualify). For information on 

FHA streamline refinances, see: http://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_6_secC.pdf . For information on HARP refinances, see: 

http://www.harp.gov/about . 

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. See additional note below on FHA market share.

C. Additional Notes.

Beginning with the February 2013 release, the House Price Expectations Chart was updated by replacing market expectations as they existed in January 

2009 with expectations as of December 2011. Prices of futures purchased for the S&P/Case-Shiller 10-metro composite index, available on the web 

from CME Group, were used to estimate expectations for December 2011 and for the current month. Market trend as of January 2009 is estimated from 

percentage changes in house price futures based on a different house price index: RadarLogic RPX. This trend has been added back to the chart because it 

imparts important information on how house price expectations have changed over time.

Beginning with the January 2013 release, mortgage aid under HAMP Tier 2 is included in the totals. Effective June 2012, HAMP Tier 2 expanded eligibility 

requirements to further reduce foreclosures and help stabilize neighborhoods. For non-GSE loans, eligibility was expanded to allow for more flexible debt-toincome criteria and to include properties currently occupied by a tenant, as well as vacant properties which a borrower intends to rent.

FHA market share estimates are based on new methodology beginning with the October 2013 report; estimates were revised back through Q1 2013. See 

the FHA Market Share report on their website for an explanation of the new methodology: http://portal.hud.gov/hudportal/HUD?src=/program_offices/

housing/rmra/oe/rpts/fhamktsh/fhamktqtrly .

The Q3 2015 NSP actual count was revised for demolition and clearance and both the actual and projection counts were revised for direct homeownership 

assistance. 

The estimate for first-time buyers was revised downward from 38 percent to 33 percent beginning with the November 2014 release based on the NAR 

Profile of Home Buyers and Sellers 2014.

December 2015 National Scorecard | Page 7
The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research| December 2015

U.S Department of Housing and Urban Development

Appendix

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

American homeowners. Three years 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 who had made their monthly payments and had 

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

refinance at lower mortgage rates.

In February 2009, less than one month after taking office, 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 modification 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 Refinance Option that helps underwater borrowers refinance into 

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

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

affordable mortgage capital and help homeowners prevent foreclosures.

• Implemented a series of changes to the Home Affordable Refinance Program (HARP) in 

an effort to attract more eligible borrowers who can benefit from refinancing their home 

mortgages during this time of historically low mortgage rates.

###

December 2015 National Scorecard | Page 8