september scorecard

8/4/2019 September Scorecard

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

e Obama Administrations EortsTo Stabilize e Housing Marketand Help American Homeowners

September 2011

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

September 2011 National Scorecard | Page 1

The Administrations goal is to stabilize the housing market andprovide security for homeowners. To meet these objectives in thecontext of a very challenging market, the Administration developeda broad approach implementing state and local housing agencyinitiatives, tax credits for homebuyers, neighborhood stabilizationand community development programs, mortgage modificationsand refinancing, housing counseling, continued Federal HousingAdministration (FHA) engagement, support for Fannie Mae andFreddie Mac and increased consumer protections. In addition, FederalReserve and Treasury MBS purchase programs have helped to keepmortgage interest rates at record lows over the past year. More detailon the Administrations efforts can be found in the Appendix.

September 2011 Scorecard on Administrations

Comprehensive Housing InitiativeThe Presidents housing market recovery efforts began immediatelyafter taking office in February 2009. The September 2011 housingscorecard includes the following key indicators of market health andresults of the Administrations comprehensive response, as outlinedabove:

Housing data available through August underscoremarket fragility and paint a mixed picture of recovery.Though August home prices as reported by S&P/Case-Shillerand FHFA improved for the fourth consecutive month after severalprevious months of decline, the latest housing data is a mixed bagwith home prices showing continued strain from foreclosures and

distressed sales. Foreclosure completions continued a downwardtrend, as mortgage aid programs are helping homeowners,although some of the decline remains due to lender processingissues delaying some foreclosure actions.

The Administrations recovery efforts have helpedmillions of families deal with the worst economiccrisis since the Great Depression. More than 5.1 millionmodification arrangements were started between April 2009and the end of August 2011 including nearly 1.7 millionHAMP trial modification starts, more than 1,020,000 FHA lossmitigation and early delinquency interventions, and more than2.4 million proprietary modifications under HOPE Now. Whilesome homeowners may have received help from more than oneprogram, the total number of agreements offered continues to

more than double the number of foreclosure completions for thesame period (2.3 million). In August, more than 26,000 additionhomeowners received a permanent modification through theAdministrations Home Affordable Modification Program (HAMP)more than 816,000 homeowners across the country have receivea HAMP permanent modification to date, saving a median of$525 per month - more than one-third of their median before-modification payment. The August Monthly Report can be found at:http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/Pages/default.aspx

Given the current fragility and recognizing that recovery will takeplace over time, the Administration remains committed to its efforts toprevent avoidable foreclosures and stabilize the housing market.
http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/Pages/default.aspxhttp://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/Pages/default.aspxhttp://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/Pages/default.aspx


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

e Obama Administrations Eorts To Stabilize e Housing Market and Help American Home

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U.S. Department of Housing and Urban Development | Office of Policy Development and Researche Obama Administrations Eorts To Stabilize e Housing Market and Help American Homeowners | September 201



HOUSING MARKET FACT SHEET

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

Mortgage Rates (30-Yr FRM, percent) 4.01 4.09 4.37 5.10 29-Sep-11

Housing Affordability (index) 176.9 174.4 (r) 164.4 166.3 July-11

Home Prices (indices)Case Shiller (NSA)FHFA (SA)CoreLogic - Excluding Distressed Sales (NSA)

142.8184.7154.9

141.5183.3152.4

(r)

(r)

(r)

148.9191.0155.8

150.5197.5161.9

(r)July-11July-11July-11

Home Sales (thousands, SA)NewExistingFirst Time Buyers

Distressed Sales (percent, NSA)

24.6419.2221.9

26

(p)

(p)

25.2389.2207.2

28

(r)

(r)

(r)

23.2353.3188.3

29

31.4395.0174.8

33

August-11August-11August-11

July-11Housing SupplyExisting 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)

3,5778.51626.6

3,843

3,6869.51646.5

3,861

(r)

(r)

(r)

(r)

4,11711.72068.9

3,725

3,7009.435311.2

3,511

August-11August-11August-11August-112nd Q 11

Mortgage Originations (thousands)Refinance OriginationsPurchase Originations

851.3593.4

919.1524.4

1,021.3750.4

767.2986.4

2nd Q 112nd Q 11

FHA Originations (thousands)Refinance OriginationsPurchase OriginationsPurchases by First Time Buyers

26.084.963.5

(p)

(p)

(p)

17.268.448.7

(r)

(r)

(r)

54.468.248.9

62.972.756.2


Mortgage Delinquency Rates (percent)PrimeSubprimeFHA

4.432.112.1

4.533.212.2

5.236.212.4

4.434.114.3


Seriously Delinquent Mortgages (thousands)PrimeSubprimeFHA

1,4721,725

612

1,4851,728

599

1,6941,814

558

9131,642

333


Underwater Borrowers (thousands) 10,882 10,906 10,971 -- 2nd Q 10

Foreclosure Actions (thousands)Notice of Default (Foreclosure Starts)Notice of Foreclosure SaleForeclosure CompletionsShort SalesREO Sales

78.984.464.822.446.2

(p)

(p)

59.585.467.826.962.2

(r)

(r)

96.5147.0

95.421.861.8

121.5103.0

78.913.974.0 (r)

August-11August-11August-11July-11July-11

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

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

Distressed Homeowners Assisted (thousands)HAMP Trial ModificationsHAMP Permanent ModificationsFHA Loss Mitigation InterventionsHOPE Now Modifications

26.625.446.855.7

22.128.339.350.3 (r)

1,688817

1,0252,471

August-11August-11August-11July-11

Counseled Borrowers (thousands) 582.8 404.5 6,388 2nd Q 11

Borrower Annual Savings ($ millions)HAMP Trial ModificationsHAMP Permanent ModificationsAll Refinances

------

------

7154,144

20,363 (r)

2nd Q 112nd Q 112nd Q 11

Activities Completed Under NSP (housing units)New Construction or Residential RehabDemolition or ClearanceDirect Homeownership Assistance

------

------

6,612 [49,973]17,951 [25,027]

8,291 [20,433]

(r,b)

(r,b)

(r,b)

2nd Q 112nd Q 112nd Q 11

Change in Aggregate Home Equity ($ billions) 17.6 195.8(r)

20.3 2nd Q 11

A = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process.


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SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners AssistedHAMP Trial ModificationsHAMP Permanent ModificationsFHA Loss Mitigation InterventionsHOPE Now Modifications

MonthlyMonthlyMonthlyMonthly

TreasuryTreasuryHUDHope Now Alliance

As reported.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.

orrower Annual SavingsHAMP Trial Modifications

HAMP 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 modificatiand Freddie Mac monthly savings estimates.HUD estimate of annualized savings based on Treasury reported active HAMP permanentmodifications and median monthly savings estimates.Refinance originations (see below) multiplied by HUD estimate of annualized savings per refin

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. Brackenumbers as above.Completed downpayment assistance or non-amortizing second mortgages by grantee tmake 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 FederalReserve Boards 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 NARs composite housing affordability index as reported. A value of 100 means that afamily with the median income has exactly enough income to qualify for a mortgage onmedian-priced home. An index above 100 signifies that family earning the median incohas more than enough income to qualify.

Home PricesCase-Shiller (NSA)

FHFA (SA)CoreLogic - Excluding Distressed Sales (NSA)

Monthly

MonthlyMonthly

Standard and Poors

Federal Housing Finance AgencyCoreLogic

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poors recommuse of not seasonally adjusted index when making monthly comparisons.FHFA monthly (purchase-only) 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 considesold when either a sales contract has been signed or a deposit accepted, even if this ocbefore construction has actually started.Seasonally adjusted annual rates divided by 12. Existing-home sales, which include sifamily, townhomes, condominiums and co-ops, are based on transaction closings. This

from the U.S. Census Bureaus series on new single-family home sales, which are basedcontracts or the acceptance of a deposit.Sum of seasonally adjusted new and existing home sales (above) multiplied by NationaAssociation of Realtors annual estimate of first time buyer share of existing home saleShort sales and REO (Real Estate Owned) sales as a percent of total existing home sale(current month subject to revision).

Housing SupplyExisting Homes for Sale (NSA)Existing Homes - Months SupplyNew Homes for Sale (SA)New Homes for Sale - Months Supply (SA)Vacant Units Held Off Market

MonthlyMonthlyMonthlyMonthlyQuarterly

National Association of Realtors National Association of Realtors HUD and Census BureauHUD and Census BureauCensus Bureau

As reported.As reported.As reported.As reported.As reported.

Mortgage OriginationsRefinance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Associationand HUDMortgage Bankers Associationand HUD

HUD estimate of refinance originations based on MBA estimate of dollar volume of refianoriginations.HUD estimate of home purchase originations based on MBA estimate of dollar volume ofpurchase originations.

HA OriginationsRefinance OriginationsPurchase OriginationsPurchases by First Time Buyer

MonthlyMonthlyMonthly

HUDHUDHUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upwdue to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)PrimeSubprimeFHA


LPS Applied AnalyticsLPS Applied AnalyticsHUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviTotal mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviTotal FHA mortgages past due (30+ days) but not in foreclosure, divided by FHAs insurance in

eriously Delinquent MortgagesPrimeSubprimeFHA


LPS Applied Analytics, MBA, and HUDLPS Applied Analytics, MBA, and HUDHUD

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 CoreLogic As reported.

oreclosure ActionsNotice of Default (Foreclosure Starts)

Notice of Foreclosure SaleForeclosure CompletionsShort salesREO Sales

Monthly

MonthlyMonthlyMonthlyMonthly

Realty Trac

Realty TracRealty TracCoreLogicCoreLogic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omistates where the filing 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).Count of REO (Real Estate Owned) Sales for the month as reported (current month subject revision).


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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 existinhome sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), Januar2000 = 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 20 metro composite index (NSA) as reported monthly. Futures index figures report forward expectations of the level of the S&P/Case Shillindex 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 refinance originations based on MBA estimate of dollar volume of refinance originations.

5. Cumulative HAMP modifications started, FHA loss mitigation and early delinquency interventions, plus proprietary modifications completed as reported byHope 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 ForeclosureActions above.

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 inMortgage Originations above.


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The Administration has taken a broad set of actions to stabilize the housing market and helpAmerican homeowners. Two years ago, stress in the financial system had severely reducedthe supply of mortgage credit, limiting the ability of Americans to buy homes or refinancemortgages. Millions of responsible families who had made their monthly payments and hadfulfilled their obligations saw their property values fall. They also found themselves unable torefinance at lower mortgage rates.

In February 2009, less than one month after taking office, President Obama announced theHomeowner 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 affordablemortgage credit;

The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agencymortgage backed securities through independent MBS purchase programs, helping tokeep mortgage rates at historic lows;

Launched a modification initiative to help homeowners reduce mortgage payments toaffordable levels and to prevent avoidable foreclosures;

Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainablehomeownership and rental resources;

Supported the First Time Homebuyer Tax Credit, which helped more than 2.5 millionAmerican families purchase homes;

Provided more than $5 billion in support for affordable rental housing through lowincome housing tax credit programs and $6.92 billion in support for the NeighborhoodStabilization Program to restore neighborhoods hardest hit by the concentratedforeclosures;

Created the $7.6 billion HFA Hardest Hit Fund for innovative foreclosure prevention

programs in the nations hardest hit housing markets.

Launched the $1 billion Emergency Homeowners Loan Program, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to help unemployed andunderemployed homeowners pay a portion of their monthly mortgage.

Created an FHA Short Refinance Option that helps underwater borrowers refinance intoa 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 toaffordable mortgage capital and help homeowners prevent foreclosures.

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Appendix

september scorecard

Documents