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Scorecard praises improvements in housing

November 22, 2010 - In an evaluation of the housing market, the Obama administration hailed today's affordable homebuying climate, acknowledging that it allows many the reality of moving into a new home.

Low mortgage rates have perpetuated that era of affordability, while a handful of markets around the country have enjoyed home prices stabilization, meaning families moving to those cities have not had to deal with falling values, according to the Obama administration's monthly housing scorecard. At the same time, the administration acknowledged high foreclosures and distressed homeowners, saying that more needs to be done to keep families from defaulting on their mortgages.

"That's why we're continuing to focus on successfully implementing the programs we've put in place – such as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeowners – and ensuring that help is available to homeowners as early as possible," said Department of Housing and Urban Development Assistant Secretary Raphael Bostic.

Aside from helping families afford moving into a new home, low rates also encouraged an additional 1 million families to refinance their mortgages in the third quarter, said the report.

Mortgage delinquencies continue to hamper families across the country, though the situation is improving. The Mortgage Bankers Association reported a third quarter drop in borrowers who were 90 days or more behind on their mortgages.
 

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