The Administration’s goal is to stabilize the housing market and 

provide security for 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, 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 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.

November 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 November 2010 housing scorecard 

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

Administration’s comprehensive response, as outlined above:

• An additional 1 million families refinanced their 

mortgages in the last quarter, taking advantage of the 

lowest rates in history on 30-year fixed mortgages. Since 

April of 2009, record low interest rates have helped more than 

8.3 million homeowners to refi nance, resulting in more stable 

home prices and $15.2 billion in annual borrower savings.

• As expected with the expiration of the Homebuyer Tax 

Credit, new and existing home sales remained below 

levels seen in the first half of 2010. At the same time, home 

prices remained level in the past year after 33 straight months of 

decline and homeowners added $95 billion in home equity in the 

second quarter.

• More than 3.73 million modification arrangements were 

started between April 2009 and the end of August 2010 

—more than double the number of foreclosure completions 

during that time. These included nearly 1.4 million trial Home 

Affordable Modifi cation Program (HAMP) modifi cation starts, 

more than 600,000 Federal Housing Administration (FHA) loss 

mitigation and early delinquency interventions, and nearly 1.8 

million proprietary modifi cations under HOPE Now. While 

some homeowners may have received help from more than one 

program, the number of agreements offered were more than 

double the number of foreclosure completions for the same period 

(1.6 million). To view the October HAMP Servicer Performance 

Report, visit: http://fi nancialstability.gov/docs/Oct%202010%20

MHA%20Public%20Final.pdf

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

continues to remain fragile. While the recovery will take place over 

time, the Administration remains committed to its efforts to prevent 

avoidable foreclosures and stabilize the housing market.

The impact of new and expanded resources is expected to contribute 

to progress captured in future Housing Scorecards. For example, the 

Federal Housing Administration (FHA) recently 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. In addition, HUD’s Emergency Homeowner 

Loan Program is intended to complement Treasury’s Hardest Hit Fund 

by providing bridge loans to help unemployed and underemployed 

borrowers to meet their mortgage obligations. Treasury has provided 

support through the Hardest Hit Fund to assist homeowners in the states 

hardest hit by the housing market downturn. Additional servicers have 

expressed their commitment and begun implementing the Second Lien 

Modifi cation Program, the Unemployment Program, and the Principal 

Reduction Alternative to reach more homeowners.

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

November 2010

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


House Prices Show Signs Of Stabilizing




		
	


	
	
	
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Existing And New Home Sales 



	



 
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Existing Homes On e Market 

Number Of Units Held Offe Mark




	






	

	




	 
	




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Expectations On House Prices Have Sh


			

	

	
	


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

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


8.3 Million Homeowners Have Refinan




			



		




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Mortgage Aid Has Been Extended More an 3.7 Million Times,

Outpacing Foreclosures 


		







	

 


 




 




	



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Mortgage Rates Fall To Record Low And Affordability Index Remains High



	












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Foreclosure Starts And Completions 







	



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 Mo



	


 




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Housing Counselors Serve Million

 






 





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


 





	






FHA Supports Mortgage Lending During Crisis

	 

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

 e Obama Administration’s E orts To Stabilize  e Housing Market and Help American 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| November 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) 4.17 4.24 4.91 5.10 11-Nov-10

Housing Affordability (index) 179.1 173.4 163.9 166.3 September-10

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

148.6

192.8

148.9

192.0

146.1

197.6

150.5

198.8

August-10

August-10

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

25.6

377.5

189.4 (p)

24.0

343.3

172.6

32.6

466.7

234.6

31.4

395.0

174.8

September-10

September-10

September-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)

4,040

10.7

204

8.0

3,557

4,117

12.0

206

8.6

3,725

3,710

8.0

252

7.7

3,396

3,700

9.4

353

11.2

3,511

September-10

September-10

September-10

September-10

3rd Q 10

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

1,371.2

532.1

1,144.9

833.4

1,280.6

1,046.8 (r)

767.2

986.4

3rd Q 10

3rd Q 10

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

48.5

56.0

39.2

(p)

(p)

(p)

52.8

68.6

45.4

(r)

(r)

(r)

66.4

114.4

95.2

62.9

72.7

56.2

October-10

October-10

October-10

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

5.2

36.5

11.9

5.2

36.4

12.7

6.0

36.6

14.4

4.4

34.1

14.3

October-10

October-10

October-10

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

1,710.1

1,989.3

533.0

1,747.0

1,974.9

573.5

1,870.6

2,042.0

505.5

912.8

1,642.1

333.1

October-10

October-10

October-10

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

Foreclosure Actions (thousands)

 Notice of Default (Foreclosure Starts)

 Notice of Foreclosure Sale 

 Foreclosure Completions

 Short Sales 

100.6

138.4

93.2

18.9 (p)

102.4

142.9

102.1

20.2 (r)

124.3

130.9

77.1

22.1

121.5

103.0

78.9

13.9

October-10

October-10

October-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

26.1

23.8

31.9

119.6

35.3

27.8

56.4

115.8

1,395.5

519.6

600.0

1,795.1

October-10

October-10

October-10

September-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

--

--

--

--

--

--

1,103.0

2,925.0

15,227.8

3rd Q 10

3rd Q 10

3rd 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| November 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

Monthly

Monthly

Monthly

Monthly

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 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 family earning the median income 

has more than enough income to qualify.

Home Prices 

 Case-Shiller (NSA)

 FHFA (SA)

Monthly

Monthly

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

Monthly

Monthly

Monthly

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 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-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

 Notice of Default (Foreclosure Starts)

 

 Notice of Foreclosure Sale 

 Foreclosure Completions

 Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in 

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported (current month subject to revision).
 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| November 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 (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case 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. Some homeowners may be counted in more than one category. 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. See “Foreclosure 

Actions” above. 

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| November 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