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

May 2014

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

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 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 MortgageBacked Securities purchase programs have helped to keep mortgage interest 

rates at record lows for more than a year. More detail on the Administration’s 

efforts can be found in the Appendix.

May 2014 Scorecard on Administration’s 

Comprehensive Housing Initiative 

The President’s housing market recovery efforts began immediately after taking 

offi ce in 2009. The May 2014 housing scorecard includes key indicators of 

market health and results of the Administration’s comprehensive response, as 

outlined above:

• Homeowners’ equity shows another strong gain. According to 

the Federal Reserve, homeowners’ equity was up nearly $795 billion in the 

fi rst quarter of 2014, reaching more than $10.8 trillion, the highest level 

since the second quarter of 2007. The change in home equity since April 

1, 2009 now stands at more than $4.7 trillion.

• In the fi rst quarter of 2014, more than 300,000 borrowers 

returned to a position of positive equity in their homes. 

According to CoreLogic, the number of underwater borrowers (those who 

owe more on their mortgage than the value of their home) has fallen 48 

percent--from 12.108 million to 6.284 million--lifting more than 5.8 million 

homeowners above water from the beginning of 2012 through the 1st 

quarter of 2014. 

• Foreclosure starts and completions continue their downward 

trend. Lenders started the foreclosure process on 49,240 properties in 

May, down 10 percent from the previous month and down 32 percent from 

one year ago to the lowest level since December 2005. Lenders completed 

the foreclosure process on 28,373 properties in May, down 6 percent from 

the previous month and down 27 percent from one year ago to the lowest 

level since July 2007. (Source: Realty Trac)

• Purchases of new homes rebounded in April after declining for 

four out of the previous fi ve months. New home sales were up 6.4 

percent to a seasonally adjusted annual rate of 433,000 in April, following 

a 407,000 pace in March, but were down 4.2 percent from one year ago. 

(Source: HUD and Census Bureau).

• Sales of previously owned (existing) homes rose in April for 

the fi rst time this year. The National Association of Realtors® (NAR) 

reported that existing homes sold at a seasonally adjusted annual rate of 

4.65 million in April, up 1.3 percent from March but still 6.8 percent below 

the 4.99 million pace a year-earlier. 

• 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 8.3 

million mortgage modifi cation and other forms of mortgage assistance 

arrangements were completed between April 2009 and the end of April 

2014. More than 2.0 million homeowner assistance actions have taken 

place through the Making Home Affordable Program, including nearly 1.4 

million permanent modifi cations through the Home Affordable Modifi cation 

Program (HAMP), while the FHA has offered 2.3 million loss mitigation and 

early delinquency interventions through April. The Administration’s programs 

continue to encourage improved standards and processes in the industry, 

with HOPE Now lenders offering families and individuals more than 4.0 

million proprietary modifi cations through March (data are reported with a 

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

• The Neighborhood Stabilization Program continues to help 

communities across all 50 states to address foreclosed and 

abandoned homes. During the fi rst quarter of 2014, grantees report 

cumulative completions of newly constructed or rehabilitated housing units 

under NSP topping 33,800 units, while direct assistance to homeowners 

reached the 11,000 mark, signaling strong progress toward achieving 

projected activity under the NSP1, NSP2, and NSP3 programs.

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

efforts as too many homeowners remain underwater, and mortgage delinquencies rates 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. Given the current state of 

the market 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.

May 2014 National Scorecard | Page 1
May 2014 National Scorecard | Page 2

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 | May 2014
May 2014 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 | May 2014
May 2014 National Scorecard | Page 4

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 | May 2014
 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 | May 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

May 2014 National Scorecard | Page 5

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator  is Period Last Period Cumulative From April 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

10.2

11.8

37.8

32.1

20.0

(s)

(s)

10.4

13.2

30.7

30.2

27.0

(r)

2,194

1,365

2,300

4,085

3,135

April-14

April-14

April-14

March-14

March-14

Counseled Borrowers (thousands) 326.0 464.9 10,270 4th Q 13

Borrower Annual Savings ($ millions) 

 HAMP Active Trial Modifi cations

 HAMP Active Permanent Modifi cations

 All Refi nances

--

--

--

--

--

--

232

6,152

58,663

(r)

1st Q 14

1st Q 14

1st Q 14

Activities Completed Under NSP (housing units) 

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

--

--

--

-- 

-- 

-- 

33,861 [63,010]

28,233 [24,255]

11,020 [17,363]

(b,s)

(b,s)

(b,s)

1st Q 14

1st Q 14

1st Q 14

Change in Aggregate Home Equity ($ billions) 795.0 411.1 (r) 4,718.0 1st Q 14

HOUSING MARKET FACT SHEET

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

Mortgage Rates (30-Yr FRM, percent) 4.14 4.12 3.91 5.10 5-June-14

Housing Affordability (index) 170.3 176.0 (r) 195.3 162.9 March-14

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

 CoreLogic - Excluding Distressed Sales (NSA)

166.8

211.6

172.1

165.4

210.1

170.2

(r)

(r)

148.4

198.8

159.0

150.5

196.5

160.0

March-14

March-14

April-14

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

 Distressed Sales (percent, NSA)

36.1

387.5

161.0

12

(p)

(p)

33.9

382.5

158.2

18

(r)

(r)

(r)

37.7

415.8

172.3

22

31.4

334.2

149.9

32

April-14

April-14

April-14

March-14

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)

2,290

5.9

192

5.3

3,888

1,960

5.1

191

5.6

3,757

(r)

(r)

(r)

(r)

2,150

5.2

161

4.3

3,964

3,130

9.4

353

11.2

3,542

April-14

April-14

April-14

April-14

1st Q 14

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

549.1

509.6

774.3

631.2

(r)

(r)

1,745.2

637.8

767.1

986.3

1st Q 14

1st Q 14

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

21.1

51.5

40.9

(p)

(p)

(p)

16.2

44.9

34.7

(r)

(r)

(r)

59.7

60.3

48.0

62.9

72.7

56.2

April-14

April-14

April-14

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

2.8

29.4

9.6

2.7

29.0

9.3

3.3

28.9

10.2

4.4

34.3

14.3

April-14

April-14

April-14

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

648

1,018

566

661

1,038

581

(r)

(r)

962

1,461

670

915

1,632

333 

April-14

April-14

April-14

Underwater Borrowers (thousands) 6,284 6,596 (r) 9,824 -- 1st Q 14

Foreclosure Actions (thousands)

 Foreclosure Starts

 Foreclosure Completions

 Short Sales 

 REO Sales

49.2

28.4

3.4

34.0

(p)

(p)

54.6

30.1

11.3

34.1

(r)

(r)

72.7

38.9

29.9

50.4

148.6

78.9

14.0

74.8 

May-14

May-14

March-14

March-14

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process, s = see note Sources and Methodology page.
 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 | May 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

May 2014 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

HARP Refi nances

FHA Loss Mitigation Interventions 

HOPE Now Modifi cations

Monthly

Monthly

Monthly

Monthly

Monthly

Treasury

Treasury

Federal Housing Finance Agency

HUD

Hope Now Alliance

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

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 Active Trial Modifi cations

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

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

and median monthly savings estimates. Also see additional note in Section C below on HAMP Tier 2. 

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.

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 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 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 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 

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 nance 

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

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).
 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 | May 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

May 2014 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 10-metro composite index (NSA) as reported monthly. Implied Case-Shiller futures index fi gures 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 refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP permanent 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. Also see additional note in Section C below on HAMP Tier 2.

6. Beginning with the September 2012 release, fi lings 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. 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. 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 fl exible 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_offi ces/

housing/rmra/oe/rpts/fhamktsh/fhamktqtrly.
 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 | May 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

May 2014 National Scorecard | Page 8

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

American homeowners. Three 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.

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

an effort to attract more eligible borrowers who can benefi t from refi nancing their home 

mortgages during this time of historically low mortgage rates.

###

Appendix