April Housing Scorecard - Home Sales up 5.3 Percent

Expectations On House Prices Remain Above 2009 Projections - Obama's Housing Scorecard April 2012 edition

(Best Syndication News) - The US Department of Housing and Urban Development (HUD) and the US Department of Treasury released the April 2012 Edition of the Obama Administration's Housing Scorecard. The month of April showed mixed overall outlook, however, there was some signs of stability.

The first quarter 2012 existing home sales were up 5.3 percent compared to the same time last year. Despite this, the home prices were still soft in many markets. When prices are seasonally adjusted for the winter months, there was a slight increase since April 2011.

Home sale inventory is at the lowest levels it has been in years, but at the same time, the number of homes held off the market is at its highest levels since 2003. The report said it would take around 5.3 months to sell the current month's supply of home and 6.3 months to sell the current supply of existing homes. The report is anticipating a slight increase in housing prices through 2013. The current forecast for housing prices is higher than what the analysts predicted in 2009.

The housing affordability index is at its best, because of the low housing prices and record low mortgage interest rates. The average interest rate for a 30-year fixed-rate mortgage was 3.88 percent during the first quarter of 2012. Comparatively, the previous quarter's interest rates average was 3.90 percent, and the same time one year ago, the average interest rate was at 3.90 percent.

The Obama mortgage modification program has had over 5.9 million arrangements started between April 2009 and March 2012. The programs include the Home Affordable Modification Program (HAMP), which had 2.8 million starts during this time. Over 1.3 million homeowners participated in the FHA loss mitigation and early delinquency interventions. The HOPE Now program has helped over 2.8 million with proprietary mortgage modifications through February 2012.

By: Dave Reddy

ref: Obama Housing Scorecard April 2012 PDF

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