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 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.

March 2014 Scorecard on Administration’s 

Comprehensive Housing Initiative 

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

in 2009. The March 2014 housing scorecard includes key indicators of market 

health and results of the Administration’s comprehensive response, as outlined above:

• House prices remain stable. As of January 2014, the Federal Housing 

Finance Agency (FHFA) purchase-only house price index rose 7.4 percent 

from last year and ticked up 0.5 percent (seasonally adjusted) from December. 

The FHFA seasonally adjusted purchase-only index for the U.S. shows that 

home values are on par with prices in mid-2005. The S&P/Case-Shiller 

20-City Home Price Index for January posted returns of 13.2 percent over 

the past 12 months but was down 0.1 percent (not seasonally adjusted) from 

December. Prices, however, are typically weaker at this time of the year. The 

Case-Shiller index shows that home values are back to their mid-2004 levels. 

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

• Foreclosure starts are at their lowest level since the end of 

2005. Newly initiated foreclosures, at 51,842 U.S. properties, were down 

9 percent from January and 27 percent from one year ago--reaching their 

lowest level since December 2005. A total of 30,307 U.S. properties were 

repossessed by lenders (Real Estate Owned, or REO) in February, virtually the 

same as January and down 33 percent from a year ago. (Source: Realty Trac)

• Homeowners’ equity continues to rise. According to the Federal 

Reserve, homeowners’ equity is up over $400 billion ($412 billion) in the 

fourth quarter of 2013, reaching more than $10 trillion ($10.026 trillion), 

for the fi rst time since 2007. Homeowners’ equity has risen sharply since 

the beginning of 2012, with equity up 60 percent, or more than $3.7 

trillion, as of the fourth quarter of 2013. The change in equity since April 

1, 2009 now stands at more than $3.9 trillion.

• Purchases of new homes were down. Purchases of new homes were 

down 3.3 percent to a seasonally adjusted annual rate (SAAR) of 440,000 

in February. New home sales were down 1.1 percent from a year earlier--

the second consecutive annual decline. (Source: HUD and Census Bureau).

• Sales of previously owned homes dropped. February was the 

fourth consecutive month that sales of previously owned (existing) homes 

were below year-ago levels. The National Association of Realtors® (NAR) 

reported that existing homes—including single-family homes, townhomes, 

condominiums, and cooperatives—sold at a seasonally adjusted annual rate 

(SAAR) of 4.60 million in February, down 0.4 percent from January and 7.1 

percent from a year earlier, reaching their lowest level since July 2012. The 

weakness refl ects low inventory, strict bank lending standards, less favorable 

housing affordability, and unusually harsh weather in much of the country. 

• The Administration’s foreclosure mitigation programs continue 

to provide relief for millions of homeowners. The Administration’s 

foreclosure mitigation programs continue to provide relief for millions of 

homeowners as the recovery from the housing crisis continues. Nearly 2.0 

million homeowner assistance actions have taken place through the Making 

Home Affordable Program, including more than 1.3 million permanent 

modifi cations through the Home Affordable Modifi cation Program (HAMP), 

while the Federal Housing Administration (FHA) has offered more than 2.2 

million loss mitigation and early delinquency interventions through February. 

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 

January (data are reported with a 2-month lag). In all, more than 8.2 million 

mortgage modifi cation and other forms of mortgage assistance arrangements 

were completed between April 2009 and the end of February 2014. You 

can read Treasury’s MHA report here.

The Administration’s recovery efforts continue to help millions of families deal 

with the worst economic crisis since the Great Depression. However, there is a 

need to continue with recovery efforts as home sales have slowed, too many 

homeowners remain underwater, and mortgage delinquency 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. The Administration remains committed 

to its efforts to prevent avoidable foreclosures and stabilize the housing market.

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

March 2014

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

March 2014 National Scorecard | Page 1
March 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 | March 2014
March 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 | March 2014

0	
  

1	
  

2	
  

3	
  

4	
  

5	
  

6	
  

26.8 Million Homeowners Have Refinanced 

Since April 1, 2009

Quarterly	
  Refinance	
  Mortgage	
  Origina:ons	
  (Millions)	
  	
  

Sources:	
  	
  Mortgage	
  Bankers	
  Associa:on	
  and	
  HUD.	
  

See	
  Note	
  4	
  and	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  

0	
  

40	
  

80	
  

120	
  

160	
  

200	
  

240	
  

Mortgage Aid Helps Keep Foreclosure Filings Down 

Monthly	
  Foreclosure	
  Ac:ons	
  (Thousands)	
  

Foreclosure	
  starts	
  are	
  default	
  no:ces	
  or	
  scheduled	
  foreclosure	
  auc:ons,	
  depending	
  on	
  the	
  state.	
  See	
  Note	
  6,	
  Sources	
  and	
  

Methodology.	
  	
  

Source:	
  Realty	
  Trac	
  	
  

Cumula:ve	
  foreclosure	
  comple:ons	
  since	
  April	
  2009:	
  3.8	
  million	
  

(Includes	
  investor,	
  second	
  home,	
  and	
  jumbo	
  proper:es)	
  

Foreclosure	
  

Comple:ons	
  

Foreclosure	
  	
  

Starts	
  

80	
  

100	
  

120	
  

140	
  

160	
  

180	
  

200	
  

220	
  

240	
  

3	
  

4	
  

5	
  

6	
  

7	
  

8	
  

9	
  

Home Affordability 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	
  Na:onal	
  Asssocia:on	
  of	
  	
  Realtors	
  

30-­‐Yr	
  Fixed	
  

Mortgage	
  Rate	
  

NAR	
  Home	
  

Affordability	
  Index	
  

(right	
  axis)	
  

Affordability	
  Index	
  

	
  	
  	
  	
  Historic	
  	
  Norm	
  	
  

0	
  

1	
  

2	
  

3	
  

4	
  

5	
  

6	
  

7	
  

8	
  

Mortgage Aid Extended Nearly 7.6 Million Times, 

Outpacing Foreclosures 

Cumula:ve	
  Mortgages	
  Receiving	
  Aid	
  and	
  Mortgages	
  Foreclosed	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  

FHA	
  Loss	
  Mi:ga:on	
   HAMP	
  Modifica:ons	
  

Hope	
  Now	
  Modifica:ons	
   Foreclosure	
  Comple:ons	
  

Data	
  exclude	
  trial	
  modifica:ons.	
  Hope	
  Now	
  data	
  through	
  January	
  2014,	
  all	
  other	
  data	
  through	
  February	
  2014.	
  

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

See	
  Note	
  5	
  and	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  	
  	
  

Mortgages	
  modified	
  or	
  receiving	
  loss	
  mi:ga:on	
  since	
  	
  April	
  1,	
  2009:	
  7.6	
  Million	
  

0	
  

1	
  

2	
  

3	
  

4	
  

5	
  

6	
  

26.8 Million Homeowners Have Refinanced 

Since April 1, 2009

Quarterly	
  Refinance	
  Mortgage	
  Origina:ons	
  (Millions)	
  	
  

Sources:	
  	
  Mortgage	
  Bankers	
  Associa:on	
  and	
  HUD.	
  

See	
  Note	
  4	
  and	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  

0	
  

40	
  

80	
  

120	
  

160	
  

200	
  

240	
  

Mortgage Aid Helps Keep Foreclosure Filings Down 

Monthly	
  Foreclosure	
  Ac:ons	
  (Thousands)	
  

Foreclosure	
  starts	
  are	
  default	
  no:ces	
  or	
  scheduled	
  foreclosure	
  auc:ons,	
  depending	
  on	
  the	
  state.	
  See	
  Note	
  6,	
  Sources	
  and	
  

Methodology.	
  	
  

Source:	
  Realty	
  Trac	
  	
  

Cumula:ve	
  foreclosure	
  comple:ons	
  since	
  April	
  2009:	
  3.8	
  million	
  

(Includes	
  investor,	
  second	
  home,	
  and	
  jumbo	
  proper:es)	
  

Foreclosure	
  

Comple:ons	
  

Foreclosure	
  	
  

Starts	
  

80	
  

100	
  

120	
  

140	
  

160	
  

180	
  

200	
  

220	
  

240	
  

3	
  

4	
  

5	
  

6	
  

7	
  

8	
  

9	
  

Home Affordability 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	
  Na:onal	
  Asssocia:on	
  of	
  	
  Realtors	
  

30-­‐Yr	
  Fixed	
  

Mortgage	
  Rate	
  

NAR	
  Home	
  

Affordability	
  Index	
  

(right	
  axis)	
  

Affordability	
  Index	
  

	
  	
  	
  	
  Historic	
  	
  Norm	
  	
  

0	
  

1	
  

2	
  

3	
  

4	
  

5	
  

6	
  

7	
  

8	
  

Mortgage Aid Extended Nearly 7.6 Million Times, 

Outpacing Foreclosures 

Cumula:ve	
  Mortgages	
  Receiving	
  Aid	
  and	
  Mortgages	
  Foreclosed	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  

FHA	
  Loss	
  Mi:ga:on	
   HAMP	
  Modifica:ons	
  

Hope	
  Now	
  Modifica:ons	
   Foreclosure	
  Comple:ons	
  

Data	
  exclude	
  trial	
  modifica:ons.	
  Hope	
  Now	
  data	
  through	
  January	
  2014,	
  all	
  other	
  data	
  through	
  February	
  2014.	
  

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

See	
  Note	
  5	
  and	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  	
  	
  

Mortgages	
  modified	
  or	
  receiving	
  loss	
  mi:ga:on	
  since	
  	
  April	
  1,	
  2009:	
  7.6	
  Million	
  
March 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 | March 2014

0	
  

5	
  

10	
  

15	
  

20	
  

25	
  

30	
  

35	
  

40	
  

45	
  

50	
  

55	
  

60	
  

65	
  

70	
  

Homeowners Save From Reduced Mortgage Payments 

Annualized	
  Savings	
  From	
  Payment	
  Reduc@ons	
  ($	
  Billions)	
  

All	
  Refinances	
   HAMP	
  Modifica@ons	
  and	
  Trials	
  

Aggregate	
  annual	
  reduc@on	
  in	
  mortgage	
  payments	
  on	
  refinances	
  since	
  April	
  1,	
  2009	
  plus	
  ac@ve	
  trial	
  and	
  

permanent	
  HAMP	
  modifica@ons.	
  

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

See	
  Note	
  7	
  and	
  Addi@onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  

0	
  

1	
  

2	
  

3	
  

4	
  

5	
  

6	
  

7	
  

8	
  

9	
  

10	
  

11	
  

Housing Counselors Serve Millions of Families 

Cumula@ve	
  Households	
  Counseled	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  	
  

Source:	
  	
  HUD.	
  

Households	
  counseled	
  	
  since	
  	
  April	
  1,	
  2009:	
  9.9	
  million

0	
  

2	
  

4	
  

6	
  

8	
  

10	
  

12	
  

14	
  

Home Equity Has Another Sharp Gain in Fourth Quarter 2013	
  	
  

Owners’	
  Equity	
  In	
  Household	
  Real	
  Estate	
  At	
  End	
  Of	
  Period	
  ($	
  Trillions)	
  

Source:	
  	
  Federal	
  Reserve	
  Board.	
  

0	
  

5	
  

10	
  

15	
  

20	
  

25	
  

30	
  

35	
  

40	
  

45	
  

FHA Supports Mortgage Lending During Crisis

FHA	
  As	
  Share	
  Of	
  Quarterly	
  Mortgage	
  Origina@ons	
  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	
  

Homeowners Save From Reduced Mortgage Payments 

Annualized	
  Savings	
  From	
  Payment	
  Reduc@ons	
  ($	
  Billions)	
  

All	
  Refinances	
   HAMP	
  Modifica@ons	
  and	
  Trials	
  

Aggregate	
  annual	
  reduc@on	
  in	
  mortgage	
  payments	
  on	
  refinances	
  since	
  April	
  1,	
  2009	
  plus	
  ac@ve	
  trial	
  and	
  

permanent	
  HAMP	
  modifica@ons.	
  

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

See	
  Note	
  7	
  and	
  Addi@onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  

0	
  

1	
  

2	
  

3	
  

4	
  

5	
  

6	
  

7	
  

8	
  

9	
  

10	
  

11	
  

Housing Counselors Serve Millions of Families 

Cumula@ve	
  Households	
  Counseled	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  	
  

Source:	
  	
  HUD.	
  

Households	
  counseled	
  	
  since	
  	
  April	
  1,	
  2009:	
  9.9	
  million

0	
  

2	
  

4	
  

6	
  

8	
  

10	
  

12	
  

14	
  

Home Equity Has Another Sharp Gain in Fourth Quarter 2013	
  	
  

Owners’	
  Equity	
  In	
  Household	
  Real	
  Estate	
  At	
  End	
  Of	
  Period	
  ($	
  Trillions)	
  

Source:	
  	
  Federal	
  Reserve	
  Board.	
  

0	
  

5	
  

10	
  

15	
  

20	
  

25	
  

30	
  

35	
  

40	
  

45	
  

FHA Supports Mortgage Lending During Crisis

FHA	
  As	
  Share	
  Of	
  Quarterly	
  Mortgage	
  Origina@ons	
  By	
  Type	
  (Percent)	
  

Purchase	
   Refinance	
   Combined	
  

Sources:	
  	
  MBA	
  and	
  HUD.	
  

See	
  Note	
  8,	
  Sources	
  and	
  Methodology.	
  
 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 | March 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

March 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

12.5

33.2

28.5

30.0

(s)

(s)

12.0

15.7

45.9

29.9

30.0

(r)

2,174

1,340

2,232

4,022

3,088

February-14

February-14

February-14

January-14

January-14

Counseled Borrowers (thousands) 464.9 389.5 9,944 3rd Q 13

Borrower Annual Savings ($ millions) 

 HAMP Active Trial Modifi cations

 HAMP Active Permanent Modifi cations

 All Refi nances

--

--

--

--

--

--

284

6,051

57,924

(r)

4th Q 13

4th Q 13

4th Q 13

Activities Completed Under NSP (housing units) 

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

--

--

--

-- 

-- 

-- 

32,439 [62,270]

27,863 [23,995]

10,873 [17,106]

(b,s)

(b,s)

(b,s)

4th Q 13

4th Q 13

4th Q 13

Change in Aggregate Home Equity ($ billions) 411.9 418.9 (r) 3,941.0 4th Q 13

HOUSING MARKET FACT SHEET

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

Mortgage Rates (30-Yr FRM, percent) 4.40 4.32 3.57 5.10 27-Mar-14

Housing Affordability (index) 174.2 168.4 (r) 213.6 162.9 January-14

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

 CoreLogic - Excluding Distressed Sales (NSA)

165.5

209.1

169.6

165.6

208.1

168.1

(r)

(r)

146.2

194.8

153.2

150.5

196.6

160.0 (r)

January-14

January-14

February-14

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

 Distressed Sales (percent, NSA)

36.7

383.3

159.6

18

(p)

(p)

37.9

358.0

160.7

18

(r)

(r)

37.1

412.5

170.8

26

31.4

334.2

149.9

32

February-14

February-14

February-14

January-13

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)

2,000

5.2

189

5.2

3,757

1,880

4.9

188

5.0

3,675

(r)

(r)

1,900

4.6

152

4.1

3,746

3,130

9.4

353

11.2

3,542

February-14

February-14

February-14

February-14

4th Q 13

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

784.4

640.4

1,017.6

891.6

(r)

(r)

1,997.9

682.7

767.1

986.3

4th Q 13

4th Q 13

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

18.1

31.2

24.7

(p)

(p)

(p)

13.9

34.4

26.2

(r)

(r)

(r)

57.6

43.2

33.8

62.9

72.7

56.2

February-14

February-14

February-14

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

3.0

30.6

10.9

3.1

32.0

11.6

3.8

29.4

12.0

4.4

34.3

14.3

February-14

February-14

February-14

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

679

1,112

603

730

1,135

613

1,080

1,477

724

915

1,632

333 

February-14

February-14

February-14

Underwater Borrowers (thousands) 6,520 6,505 (r) 10,480 -- 4th Q 13

Foreclosure Actions (thousands)

 Foreclosure Starts

 Foreclosure Completions

 Short Sales 

 REO Sales

51.8

30.3

12.2

31.5

(p)

(p)

57.3

30.2

18.2

37.0

(r)

(r)

71.5

45.0

25.4

47.1

148.6

78.9

14.0

74.8 

February-14

February-14

January-14

January-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 | March 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

March 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 | March 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

March 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 | March 2014

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

March 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