rch ea Res d Development an y 

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Development y of Polic e Offic | velopment 

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

The Obama Administration’s Efforts 

To Stabilize the Housing Market 

and Help American Homeowners

September 2014

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 

for more than a year. More detail on the Administration’s efforts can be found in 

the Appendix.

• New home sales soared in August to their highest level in more 

than six years. Purchases of new home sales climbed 18.0 percent from 

a month earlier to a seasonally adjusted annual rate (SAAR) of 504,000 in 

August, and were 33.0 percent higher than one year ago. New home sales 

were last at this pace in May 2008. New home sales data can be volatile, 

however, and are often revised. (Source: HUD and Census Bureau). 

• Sales of previously owned (existing) homes fell slightly in 

August, although sales are at their second highest pace of 

2014. The National Association of Realtors® (NAR) reported that existing 

homes—including single-family homes, townhomes, condominiums, and 

cooperatives—sold at a pace of 5.05 million (SAAR) in August, down 1.8 

percent from July and are 5.3 percent below the 5.33 million pace last 

August, which was the second-highest peak level in 2013. The drop in sales 

was mainly attributable to a decrease in investor purchases.

• In the second quarter of 2014, 946,000 borrowers returned 

to a position of positive equity in their homes. From the beginning 

of 2012 through the second quarter of 2014, the number of underwater 

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

home) has fallen 56 percent--from 12.108 million to 5.309 million--lifting 

6.8 million homeowners above water. Approximately 10.7 percent of residential properties with a mortgage are still underwater, however. (Source: 

Corelogic).

• House prices increase in July while year-over-year gains continue to slow. The Federal Housing Finance Agency (FHFA) seasonally 

adjusted purchase-only house price index showed home values appreciated 

by 0.1 percent over the prior month and 4.4-percent over the previous year, 

marking the seventh straight month of more modest annual growth in home 

prices. The FHFA index shows that U.S. home values are on par with prices 

in July 2005 and now stand just 6.4 percent below their previous peak in 

April 2007. The S&P/Case-Shiller 20-City Home Price Index (not seasonally 

adjusted) posted month-over-month returns for July of 0.6 percent and gains 

of 6.7 percent over the past 12 months; annual rates of gain in home prices 

have slowed over the last eight months. The Case-Shiller index shows home 

values at November-2004 levels and 16.1 percent below their peak in July 

2006. (The Case-Shiller and FHFA price indices are released with a 2-month 

lag.)

• Foreclosure starts are on par with a year ago, while completions continue their annual downward trend. Lenders started 

the public foreclosure process on 55,573 U.S. properties in August, up 12 

percent from the previous month but virtually the same as a year earlier (foreclosure starts were up from a year ago in 19 states). Lenders completed the 

foreclosure process (bank repossessions or REOs) on 26,343 U.S. properties 

in August, up 2 percent from the previous month but down 33 percent from 

one year ago. (bank repossessions were up from a year ago in 7 states). 

(Source: Realty Trac)

• 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 8.7 million mortgage modification and other forms of mortgage assistance arrangements 

were completed between April 2009 and the end of August 2014. More 

than 2.1 million homeowner assistance actions have taken place through 

the Making Home Affordable Program, including more than 1.4 million 

permanent modifications through the Home Affordable Modification Program 

(HAMP), while the Federal Housing Administration (FHA) has offered more 

than 2.4 million loss mitigation and early delinquency interventions through 

August. These Administration programs continue to encourage improved 

standards and processes in the industry, with lenders offering families and 

individuals nearly 4.2 million proprietary modifications through July. You 

can read the Treasury’s MHA report here.

Encouraging news notwithstanding, there is a need to continue with recovery efforts to foster new home sales, help homeowners that are underwater, and reduce 

mortgage delinquencies 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. 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.

September 2014 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 | September 2014

1

2

3

4

5

2003 Q12003 Q32004 Q12004 Q32005 Q12005 Q32006 Q12006 Q32007 Q12007 Q32008 Q12008 Q3

2009 Q1

2009 Q32010 Q12010 Q32011 Q12011 Q32012 Q12012 Q32013 Q12013 Q32014 Q1

Supply of Existing Homes on the Market Increasing,

Number of Units Held o the Market Remains High

Existing Homes Available for Sale (End of Period) and

Total Vacant Housing Units (Year Round) Off Market (Millions)

Sources: National Association of Realtors and Census Bureau.

Existing Homes

on Market

Units Held

off Market

0

20

40

60

80

100

120

0

200

400

600

800

1,000

1,200

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

New and Existing Home Sales 

Monthly Sales (Thousands)

Seasonally Adjusted

Sources: National Association of Realtors, Census Bureau, and HUD. 

See Note 3, Sources and Methodology.

New Home Sales

(right axis)

Existing Home

Sales

75

100

125

150

175

200

225

250

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Expectations on House Prices Above December 2011 Projections; 

Far Above January 2009 Projections 

S&P/Case-Shiller 10-City Index (NSA, Jan 2000 = 100) and Implied Index Values 

Based Upon House Price Futures Market as of Indicated Dates

Sources: Standard and Poor’s, CME Group, and Radar Logic.

See Note 2, Sources and Methodology.

S&P/Case-Shiller

10-City Index

S&P/Case-Shiller

10-City Index

Implied CS-10 Index 

From September 2014 

House Price Futures

Implied CS-10 Index 

From December 2011 

House Price Futures

House Price Trend

From January 2009

150 House Price Futures

175

200

225

250

275

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

House Prices Rise in July 

Montly House Price Trends by Index ($ Thousands)

Sources: Standard & Poor’s, Federal Housing Finance Agency, CoreLogic, and HUD.

See Note 1, Sources and Methodology.

S&P/Case-Shiller

20-City Index

CoreLogic (Excluding

Distressed Sales)

FHFA Purchase-Only 

Index

September 2014 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 | September 2014

0

40

80

120

160

200

240

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

Oct-13

Jan-14

Apr-14

Jul-14

Mortgage Aid Helps Keep Foreclosure Filings Down 

Monthly Foreclosure Actions (Thousands)

Foreclosure starts are default notices or scheduled foreclosure auctions, depending on the state.

See Note 6, Sources and Methodology.

Source: Realty Trac.

Cumulative foreclosure completions since April 2009: 3.9 million

(Includes investor, second home, and jumbo properties)

Foreclosure

Starts

Foreclosure

Completions 0

1

2

3

4

5

6

7

8

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Jan-12

Mar-12

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Mortgage Aid Extended Nearly 8.1 Million Times, 

Outpacing Foreclosures

Cumulative Mortgages Receiving Aid and Mortgages Foreclosed Since April 1, 2009 (Millions)

FHA Loss Mitigation HAMP Modifications

Hope Now Modifications Foreclosure Completions

Data exclude trial modifications. Hope Now data through July 2014, all other data through August 2014.

Sources: HUD, Dept. of Treasury, Hope Now Alliance, and Realty Trac.

See Note 5 and Additional Notes, Sources and Methodology.

Mortgages modified or receiving loss mitigation since April 1, 2009: 8.1 million

0

1

2

3

4

5

6

2003 Q1

2003 Q3

2004 Q1

2004 Q3

2005 Q1

2005 Q3

2006 Q1

2006 Q3

2007 Q1

2007 Q3

2008 Q1

2008 Q3

2009 Q1

2009 Q3

2010 Q1

2010 Q3

2011 Q1

2011 Q3

2012 Q1

2012 Q3

2013 Q1

2013 Q3

2014 Q1

27.9 Million Homeowners Have Renanced

Since April 1, 2009

Quarterly Refinance Mortgage Originations (Millions)

Sources: Mortgage Bankers Association and HUD.

See Note 4 and Additional Notes, Sources and Methodology.

80

100

120

140

160

180

200

220

240

3

4

5

6

7

8

9

Jan-00Jan-01Jan-02Jan-03Jan-04Jan-05Jan-06Jan-07Jan-08Jan-09Jan-10Jan-11Jan-12Jan-13Jan-14

Home Aordability Remains Above Historic Norm,

Mortgage Rate Within One Percentage Point of Historic Low

Percentage Rates and Index Values

The historic norm of 128 is the median value of the affordability index since 1989.

Sources: Freddie Mac and National Association of Realtors.

30-Yr Fixed

Mortgage Rate

Affordability Index

Historic Norm

NAR Home

Affordability Index

(right axis)

September 2014 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 | September 2014

0

1

2

3

4

5

6

7

8

9

10

11

2009 Q22009 Q32009 Q42010 Q12010 Q22010 Q32010 Q42011 Q12011 Q22011 Q32011 Q42012 Q12012 Q22012 Q32012 Q42013 Q12013 Q22013 Q32013 Q4

Housing Counselors Serve Millions of Families 

Cumulative Households Counseled Since April 1, 2009 (Millions)

Source: HUD.

Households counseled since April 1, 2009: 10.3 million

0

5

10

15

20

25

30

35

40

45

2003 Q12003 Q32004 Q12004 Q32005 Q12005 Q32006 Q12006 Q32007 Q12007 Q32008 Q12008 Q3

2009 Q1

2009 Q32010 Q12010 Q32011 Q12011 Q32012 Q12012 Q32013 Q12013 Q32014 Q1

FHA Supports Mortgage Lending During Crisis

FHA As Share of Quarterly Mortgage Originations by Type (Percent)

Purchase Refinance Combined

Sources: MBA and HUD.

See Note 8, Sources and Methodology.

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

2009 Q4

2010 Q1

2010 Q2

2010 Q3

2010 Q4

2011 Q1

2011 Q2

2011 Q3

2011 Q4

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

Homeowners Save From Reduced Mortgage Payments 

Annualized Savings From Payment Reductions ($ Billions)

All Refinances HAMP Modifications and Trials

Aggregate annual reduction in mortgage payments on refinances since April 1, 2009 plus active trial

and permanent HAMP modifications.

Sources: MBA, Treasury, Freddie Mac, and HUD.

See Note 7 and Additional Notes, Sources and Methodology.

0

2

4

6

8

10

12

14

2006 Q1

2006 Q3

2007 Q1

2007 Q3

2008 Q1

2008 Q3

2009 Q1

2009 Q3

2010 Q1

2010 Q3

2011 Q1

2011 Q3

2012 Q1

2012 Q3

2013 Q1

2013 Q3

2014 Q1

Home Equity Posts Another Gain

in Second Quarter 2014 

Owners’ Equity in Household Real Estate at End of Period ($ Trillions)

Source: Federal Reserve Board.

September 2014 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| September 2014

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

11.0

9.6

31.5

25.2

15.7

(s)

(s)

9.6

10.2

42.2

27.7

17.8

2,235

1,407

2,454

4,192

3,205

August-14

August-14

August-14

July-14

July-14

Counseled Borrowers (thousands) 284.3 326.0 10,554 1st Q 14

Borrower Annual Savings ($ millions) 

 HAMP Active Trial Modifications

 HAMP Active Permanent Modifications

 All Refinances

--

--

--

--

--

--

180

6,211

59,728

2nd Q 14

2nd Q 14

2nd Q 14

Activities Completed Under NSP (housing units)

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

--

--

--

-- 

-- 

-- 

36,606 [62,821]

22,784 [24,280]

11,100 [17,078]

(b,s)

(b,s)

(b,s)

2nd Q 14

2nd Q 14

2nd Q 14

Change in Aggregate Home Equity ($ billions) 177.3 451.6 (r) 4,699.8 2nd Q 14

HOUSING MARKET FACT SHEET

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

Mortgage Rates (30-Yr FRM, percent) 4.19 4.20 4.22 5.10 2-Oct-14

Housing Affordability (index) 153.8 154.3 (r) 160.7 162.9 July-14

Home Prices (indices)

 Case-Shiller (NSA)

 FHFA (SA)

 CoreLogic–Excluding Distressed Sales (NSA)

173.3

212.7

176.9

172.3

212.5

175.0

(r)

(r)

162.4

203.7

165.7

150.5

196.2

160.0

(r)

July-14

July-14

July-14

Home Sales (thousands, SA)

 New

 Existing

 First-Time Buyers

 Distressed Sales (percent, NSA)

42.0

420.8

175.9

12

(p)

(p)

35.6

428.3

176.3

13

(r)

(r)

(r)

31.6

444.2

180.8

17

31.4

334.2

149.9

32

August-14

August-14

August-14

July-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)

2,310

5.5

203

4.8

3,975

2,350

5.5

201

5.6

3,888

(r)

(r)

(r)

2,210

5.0

175

5.5

3,771

3,130

9.4

353

11.2

3,542

August-14

August-14

August-14

August-14

2nd Q 14

Mortgage Originations (thousands)

 Refinance Originations

 Purchase Originations

534.3

668.9

554.0

521.8

(r)

(r)

1,635.0

822.3

767.1

986.3

2nd Q 14

2nd Q 14

FHA Originations (thousands)

 Refinance Originations

 Purchase Originations

 Purchases by First-Time Buyers

17.9

56.0

44.8

(p)

(p)

(p)

15.1

60.9

48.7

(r)

(r)

(r)

26.8

61.4

48.8

62.9

72.7

56.2

August-14

August-14

August-14

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

2.9

31.0

10.4

2.8

30.0

9.7

3.3

30.3

10.7

4.4

34.3

14.3

August-14

August-14

August-14

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

590

952

540

596

952

543

851

1,132

623

915

1,632

333 

August-14

August-14

August-14

Underwater Borrowers (thousands) 5,309 6,255 (r) 7,229 -- 2nd Q 14

Foreclosure Actions (thousands)

 Foreclosure Starts

 Foreclosure Completions

 Short Sales 

 REO Sales

55.6

26.3

16.9

29.8

(p)

(p)

49.6

25.9

18.8

35.2

55.8

39.3

32.1

44.4

148.6

78.9

14.0

74.8 

August-14

August-14

July-14

July-14

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

September 2014 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| September 2014

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

HARP Refinances

FHA Loss Mitigation Interventions 

HOPE Now Modifications

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 modifications completed.

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

Borrower Annual Savings 

HAMP Active Trial Modifications

HAMP Active Permanent Modifications

All Refinances

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 modifications 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 modifications 

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

Refinance originations (see below) multiplied by HUD estimate of annualized savings per 

refinance.

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).

September 2014 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| September 2014

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. See “Borrower Annual Savings” above.

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 Q2 2014 NSP actual count was revised for the demolition or clearance category and the Q2 2014 NSP projected counts were revised for the new 

construction or residential rehabilitation and the direct homeownership assistance categories.

September 2014 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| September 2014

U.S Department of Housing and Urban Development

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.

###

Appendix

September 2014 National Scorecard | Page 8