Obama Housing Scorecard report for April is mixed

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(Best Syndication News) - Today, the US Department of Housing and Urban Development (HUD) along with the US Department of Treasury released, released the Obama Administration Housing Scorecard for the month of April. Government officials said April’s numbers show a fragile housing market. The government foreclosure-preventions programs are still helping tens of thousands homeowners. While other signs shows the economy is recovering, there is still a tough housing market. HUD Assistant Secretary Raphael Bostic said there was mixed signals in the housing market for the month of April.

The Home Affordable Mortgage Program (HAMP) is still assisting struggling homeowners. Since HAMP began in April 2009, there were 4.5 million home loan modifications initiated by the end of March 2011. There were 1.5 million trial modifications with the HAMP program. Over 808,000 FHA loss mitigation and early delinquency interventions occurred during this time. The remaining modifications came from almost 2.2 million proprietary modifications under HOPE Now program.

The HAMP program for the month of March saw a median average payment reduction of 37 percent in monthly mortgage payments. This was over $500 per month in savings for the homeowner. There was over 36,000-trial HAMP loan modification and over 36,000 permanent loan modifications occurred during March. Since the HAMP program started, over 670,000 homeowners have achieved a permanent HAMP home loan modification. The report estimates that this has saved homeowners around $5.9 billion.

To make the HAMP modification permanent homeowners must complete a trial-modification process successfully. Out of the 1.5 million homeowners who started the government loan modification program, over 84 percent of them have achieved a permanent status after one year when they first began the mortgage loan modification process.

Housing prices are still weak, mostly because of the glut of foreclosures and distressed properties on the real estate market. The April scorecard report shows that the delinquencies are continuing on a downward path. Foreclosure proceedings from lenders were delayed, because of paperwork processing issues. The delay in foreclosure proceedings is likely to resume once the lenders revise and resubmit the necessary paperwork.

Almost 10 million Homeowners were taking advantage of the low-interest mortgage loan rates and were refinancing since 2009. By refinancing to a lower interest rate, they saved around $18.8 billion in mortgage payments.

To review the Housing Scorecard Report for April visit http://portal.hud.gov/hudportal/HUD?src=/initiatives/Housing_Scorecard

BY: N Wilson

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