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 Federal Housing Administration (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.

September 2010 Scorecard on Administration’s 

Comprehensive Housing Initiative 

The President’s housing market recovery efforts began immediately after 

taking offi ce in February 2009. The September 2010 housing scorecard 

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

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates 

in history on 30-year fixed mortgages: Since April of 

2009, record low rates have helped more than 7.1 million 

homeowners to refi nance, resulting in more stable home prices 

and $12.7 billion in total borrower savings.

• Existing and new home sales shifted downward in July, 

though stabilizing housing prices drove improving 

expectations in some regions: The latest housing fi gures 

paint a mixed picture. As expected with the expiration of the 

Homebuyer Tax Credit, new and existing home sales showed a dip 

in July. At the same time, home prices have leveled off in the past 

year after 30 straight months of decline and homeowners added 

$95 billion in home equity in the second quarter. 

• More than twice as many modification arrangements 

have begun compared to foreclosure completions: 

More than 3.35 million modifi cation arrangements were started 

between April 2009 and the end of July 2010. These included 

more than 1.3 million trial Home Affordable Modifi cation 

Program (HAMP) modifi cation starts, more than 510,000 Federal 

Housing Administration (FHA) loss mitigation and early 

delinquency interventions, and nearly 1.6 million proprietary 

modifi cations under HOPE Now. The number of agreements 

offered continued to more than double foreclosure completions for 

the same period (1.24 million). 

• More than 468,000 permanent modifications granted to 

homeowners; more than 33,000 homeowners received 

a HAMP permanent modification in August: Homeowners 

in permanent HAMP modifi cations saw a median monthly 

payment reduction of 36 percent, or more than $500 per month. 

Homeowners in permanent modifi cations saw their median 

fi rst-lien housing expenses fall from nearly 45 percent of their 

monthly household income to 31 percent. Homeowners in active 

permanent modifi cations realized a median monthly payment 

reduction of 36%, or more than $500 per month. More than 1.3 

million homeowners began a trial modifi cation, up more than 

26,000 from last month.

• Backlog of HAMP trial modifications aged six months 

or longer falls to fewer than 95,000: Of homeowners 

whose trial modifi cation was canceled, more than half 

received alternative modifi cations or become current. Upfront 

documentation requirements in place since June 1 are 

expected to help servicers move more eligible homeowners 

toward permanent modifi cation. View the latest Making Home 

Affordable program report at: http://www.fi nancialstability.

gov/docs/AugustMHAPublic2010.pdf

Data in the scorecard show that the recovery in the housing market 

continues to remain fragile, with some measures suggesting recovery 

will take place over time. For example, foreclosure completions 

continue to move upward as the volume of serious delinquencies 

continues to work through the pipeline. 

The impact of recent new and expanded resources is expected to 

contribute to progress captured in future Housing Scorecards. For 

example, in July the Federal Housing Administration (FHA) announced 

a short refi nance option targeted to help people who owe more on 

their mortgage than their home is worth because their local markets 

saw large declines in home values. The option will allow certain 

underwater non-FHA borrowers – those current on their existing 

mortgage and whose lenders agree to write off at least 10 percent of 

the unpaid principal balance of the fi rst mortgage – the opportunity to 

qualify for a new FHA-insured mortgage.

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

September 2010

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






Existing and New Home Sales 



	



 
 ­








	







	

Existing Homes on the Market Below Pea

of Units Held O the Market Has I




 ­


­ 













 
  
 	     

Expectations on House Prices Have Shifte

 ­





 ­







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 Homeowners 




7.1 Million Homeowners Have Refinanced 



		

	
	 		­		
		



  
       	    
   
  

Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures 


	 			 
	

­ 	
	 ­ 

	
	 ­		
	
	 




	



 ­






 ­
 


Foreclosure Starts and Completions Rem







	













Mortgage Rates Fall to Record Low and Affordability Index Remains High 


	

 	­		

		



	

	

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 Homeowners 




  

Homeowners Save From Reduced Mortg



	

  

			­		 			 	 







   

Housing Counselors Serve Million


­	

	





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

	
		

			
	





FHA Supports Mortgage Lending During Crisis

	
		 		­	

	  

	 	 

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 Homeowners 
 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| September 2010

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) 4.37 4.35 5.04 5.1 16-Sep-10

Housing Affordability (index) 161.8 159.5 158.4 166.3 July-10

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

148.0

195.2

146.5

195.7

142.0

198.6

150.5

198.9

June-10

June-10

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

23.0

319.2

160.8 (p)

26.3

438.3

218.4

34.0

428.3

217.3

31.4

395.0

174.8

July-10

July-10

July-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)

3,984

12.5

210

9.1

3,743

3,887

8.9

210

8.0

3,628

4,062

9.5

270

7.9

3,501

3,700

9.4

353

11.2

3,508

July-10

July-10

July-10

July-10

2nd Q 10

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

48.4

70.8

53.1

(p)

(p)

(p)

37.2

65.3

43.7

(r)

(r)

(r)

57.7

101.1

81.1

62.9

72.7

56.2

August-10

August-10

August-10

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

5.2

36.2

12.4

5.4

36.4

12.5

(r)

5.6

35.2

14.7

4.4

34.1

14.3

August-10

August-10

August-10

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

1,782.3

1,960.6

558.0

1,832.8

1,963.8

559.6

(r) 

(r)

1,645.1

1,879.3

453.0

912.8

1,642.1

333.1

August-10

August-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

 Foreclosure Starts

 Notice of Foreclosure Sale

 Foreclosure Completions

96.5

147.0

95.4

97.1

135.2

92.9

138.2

144.1

76.1

121.5

103.0

78.9

August-10

August-10

August-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

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

Distressed Homeowners Assisted (thousands)

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions 

 HOPE Now Modifi cations

26.6

33.3

39.2

120.4

24.6

36.7

56.1

120.8

1,334.1

468.1

511.8

1,559.8

August-10

August-10

August-10

July-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions) 

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units) 

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b) 

(b) 

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.
 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| September 2010

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

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

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

and Freddie Mac monthly savings estimates. 

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

modifi cations and median monthly savings estimates. 

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

Completed Activities under NSP (housing units)

 New Construction or Residential Rehab

 

 Demolition or Clearance

 

 Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program. 

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed 

numbers as above.

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

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

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

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

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year 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 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 singlefamily, townhomes, condominiums and co-ops, are based on transaction closings. This differs 

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

contracts or the acceptance of a deposit.

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

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

Housing Supply

 Existing Homes for Sale (NSA)

 Existing Homes - Months’ Supply

 New Homes for Sale (SA)

 New Homes for Sale - Months’ Supply (SA)

 Vacant Units Held Off Market 

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations 

 Refi nance Originations

 

 Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association 

and HUD

Mortgage Bankers Association 

and HUD

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

originations. 

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

purchase originations. 

FHA Originations 

 Refi nance Originations

 Purchase Originations

 Purchases by First Time 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| September 2010

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 composite index (SA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Cash Shiller 

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic. 

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12. 

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations. 

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

Hope Now Alliance. 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| September 2010

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 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 $6.92 billion in support for the Neighborhood Stabilization Program to restore 

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 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