View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The Obama Administration’s Efforts
To Stabilize The Housing Market
and Help American Homeowners
January 2012

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

since the Great Depression, even as new mortgage
delinquencies continue to decline. More than 5.6 million
modification arrangements were started between April 2009 and
the end of December 2011 – including more than 1.7 million
HAMP trial modification starts and nearly 1.2 million FHA loss
mitigation and early delinquency interventions. More than 930,000
homeowners have received a HAMP permanent modification
to date, saving an estimated $10.5 billion in monthly mortgage
payments. The Administration’s programs continue to encourage
improved standards and processes in the industry, with HOPE Now
lenders offering families and individuals more than 2.6 million
proprietary mortgage modifications through December. The impact
of recently-announced enhancements to HAMP to broaden the pool
of eligible homeowners, protect tenants at risk of displacement
due to foreclosure and provide more robust relief to underwater
homeowners will be captured in the Housing Scorecard over the
coming months.

The Administration’s goal is to stabilize the housing market and provide
security for homeowners. To meet these objectives in the context of
a very 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 modifications and refinancing,
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 over the past year. More detail
on the Administration’s efforts can be found in the Appendix.

January 2012 Scorecard on Administration’s
Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after
taking office in February 2009. The January 2012 housing scorecard
includes the following key indicators of market health and results of the
Administration’s comprehensive response, as outlined above:
•

Market data show progress on housing overhang, but
continued fragility in home prices and sales. Inventories of
existing homes for sale have continued to improve over the last
two quarters, declining from 3.2 million in the second quarter
to 2.4 million in the fourth quarter. Housing units held off the
market have also fallen, from 3.9 million in the first quarter to
3.6 million in the fourth quarter. Existing home sales continued
to increase this month, while new home sales declined. In
addition, foreclosure starts continued to fall in December, though
foreclosure completions ticked upward.

•

The Administration’s recovery efforts continue to help
millions of families deal with the worst economic crisis

•

Eligible homeowners entering HAMP have a high likelihood
of earning a permanent modification and realizing longterm success. Eighty-four percent of homeowners entering HAMP
in the past 18 months received a permanent modification, with
an average trial period of 3.5 months. Quarterly re-default data
shows that HAMP modifications are sustainable for the majority of
homeowners. After six months in the program, more than 94 percent
of homeowners remain in their permanent modification. HAMP
modifications continue to show lower re-default rates than industry
modifications. The December 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 take
place over time, the Administration remains committed to its efforts to
prevent avoidable foreclosures and stabilize the housing market.

January 2012 National Scorecard | Page 1

The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012
Expectations On House Prices Remain Above 2009 Projections

House Prices Dip in November,
Distressed Sales Remain Key In This Fragile Recovery

;6 )7 !$$(3 '-) (! -*-() &0 8
& B@@@ J A@@9

'&* $1 '-) (! (&) 1 &0 8=  '-)&)9

BGE

BBE

;6 )7 !$$(

B@@

BE@

'('! 8 0$-!&
!)*()) $)9

BBE

'-) (! -*-()

&-(1 B@AB

AGE

;6 )7 !$$(
&0

AE@
B@@
ABE
AGE

'-) (! -*-()

&-(1 B@@I

A@@
AE@
GE

B@@C

B@@D

'-()4 *&( ; ''(:)3 ($ '-)!& !&& &13 '( '!3 &  5
 
'* A3 '-() & * ''$'15

Existing And New Home Sales

B@@F

B@@G

B@@H

B@@I

B@A@

B@AA

B@AB

B@AC

Existing Homes On The Market Trend Downward,
Number Of Units Held Off The Market Remains High

'&* $1 $) 8 '-)&)9

A3B@@

0!)+& '%) .!$$ '( $ 8 & ' (!'9
& '*$ &* '-)!& &!*) 8( '-&9  (#* 8!$$!'&)9

AB@


/ '% $)
8(! * 0!)9

A3@@@

B@@E

'-()4 *&( & ''(:) & ( '!
 
'* B3 '-() & * ''$'15

A@@

H@@
F@@

F@

D@@

E

H@

D@

B@@

0!)+& '% $)
8$ 0!)9

B@

@

)'&$$1 "-)*
'-()4 
+'&$ ))'!+'& ' $*'()® 8 0!)+& '% )$) (*
 
'* C3 '-() & * ''$'15

@

%( B@AA (.!)!'&) 1 
 93 &)-) -(-3 &  5

D

0!)+& '%) '&
(#*

&!*) $ '
(#*

C

B

'-()4 
+'&$ ))'!+'& ' $*'()® 8 &.&*'(1 ' 0!)+& '%) '( )$ (*) %( B@AA (.!)!'&) 1

 9 & &)-) -(-5

*

January 2012 National Scorecard | Page 2

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

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

The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012
Mortgage Rates At Record Lows,
Affordability Index Remains High

13.8 Million Homeowners Have Refinanced Since
April 1, 2009


'$) )( $ $/ ",(

,')'"0 $$ 
%') '$*%$( 6
""%$(7

<;:
<::
;C:
;B:
;A:
;@:
;?:
;>:
;=:
;<:
;;:
;::
C:
B:

C4:
B4:
A4:
@4:
?4:
>4:
=4:
<4:
;4:
:4:

@
?
>
=
<
;
:

=:5' / 
%') )

  %# %'")0 $/
%,'(3 
%') $!'( ((%*%$ $  4
 %) >2 %,'( $ 
)%%"%04

%,'(3 ' 
 $ *%$" (((%*%$ % ")%'(

Mortgage Aid Helps Foreclosures Trend Downward
Foreclosure Starts Are Down Again In December

Mortgage Aid Extended More Than 5.5
Million Times, Outpacing Foreclosures


%$)"0 %'"%(,' *%$( 6%,($(7

,#,"*- 
%')( '  ' %'"%( $ &'" ;2 <::C 6
""%$(7
;@:


%') #%*%$( $*) ($ &'" ;2 <::C3 ?4@ 
""%$

@

,#,"*- %'"%(,' %#&"*%$( ($ &'" <::C3 <4? #""%$
6 $",( $-()%'2 (%$ %#2 $ ,#% &'%&'*(7

?
>

%'"%(,'
)')(

;<:

=
<

B:

;

%'"%(,'
%#&"*%$(

:
>:

%(( 
**%$



 
%*%$(

%& %. 
%*%$(

%,'(3  2 &)4 % '(,'02 %& %. ""$2 $ ")0 '4
 %) ?2 %,'( $ 
)%%"%04

%'"%(,' %#&"*%$(
%,'3 ")0 '4
 %) @2 %,'( $ 
)%%"%04

January 2012 National Scorecard | Page 3

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

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

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

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

The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012
Homeowners Save From Reduced Mortgage Payments

Total Home Equity Similar To Prior Quarter
And Remains Higher Than First Quarter 2009

*#$1 "(%+ 

($   $%% %   
#  25 # $3

(, )$ #  
+% (& $ 25  $3

;8

9<

:=

9:

:8

98

9=

@

98

>

=

<

8

:88A <

:

:898 :

:898 ;

 $

8

 (#/ # $#)

:898 9

:898 <

:899 9

:899 :

:899 ;



 
 & $  #$

#% ( #(&    #% !+%$  #$ $ !# 9. :88A !($ &) %# 
!#% 

  & $0
 (#$/ 
 . #$(#+. # 
.   0
  % ?.  (#$  
%   +0

#0

Housing Counselors Serve Millions Of Families

FHA Supports Mortgage Lending During Crisis

((&)

$ #  (#%#+ 
 #% #& $ + +! 2
#%3

($ $

($  !# 9. :88A 2
 $3

($ $  ($ $

=8
<=
<8
;=
;8
:=
:8
9=
98
=
8

!# 9. :88A/ >0?  

?
>
=
<
;
:
9

(#$

 (#$/ 
   0
  % @.  (#$  
%   +0





8

:88A :

 (#/

 0

January 2012 National Scorecard | Page 4

:88A ;

:88A <

:898 9

:898 :

:898 ;

:898 <

:899 9

:899 :

:899 ;

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

U.S. Department of Housing and Urban Development | Office of Policy Development and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012

Indicator

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
This Period
Last Period
Cumulative From Apr 1, 2009

Distressed Homeowners Assisted (thousands)
HAMP Trial Modifications
HAMP Permanent Modifications
FHA Loss Mitigation Interventions
HOPE Now Modifications
HARP Refinances

Latest Release

20.1
23.4
38.7
56.9
36.3

19.1
26.9
41.9
53.4
33.6

301.7

611.8

Borrower Annual Savings ($ millions)
HAMP Trial Modifications
HAMP Permanent Modifications
All Refinances

----

----

450
4,547
24,639

(r)
(r)

3rd Q 11
3rd Q 11
4th Q 11

Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance

----

----

7,455 [51,408]
18,245 [24,807]
8,494 [20,149]

(b)
(b)
(b)

3rd Q 11
3rd Q 11
3rd Q 11

–44.6

10.2

Counseled Borrowers (thousands)

Change in Aggregate Home Equity ($ billions)

Indicator

Mortgage Rates (30-Yr FRM, percent)

1,775
933
1,188
2,687
998
6,718

(r)

Last Period

3.98

Year Ago

3.88

3rd Q 11

22.6

(r)

HOUSING MARKET FACT SHEET
This Period

December-11
December-11
December-11
November-11
November-11

4.80

3rd Q 11

As of Dec 2008

Latest Release

5.10

26-Jan-12

180.9

166.3

November-11

143.8
187.3
150.7

150.5
197.3
161.6

November-11
November-11
November-11

Housing Affordability (index)

194.5

198.5

(r)

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

138.5
183.9
149.8

140.3
182.1
149.5

(r)
(r)

Home Sales (thousands, SA)
New
Existing
First Time Buyers
Distressed Sales (percent, NSA)

25.6
384.2
204.9
29

26.2
365.8
196.0
28

(r)
(r)
(r)

27.6
370.8
199.2
31

31.4
334.2
149.9
32

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)

2,380
6.2
157
6.1
3,606

2,620
7.2
158
6.0
3,839

(r)
(r)

3,020
8.1
190
6.9
3,628

3,130
9.4
353
11.2
3,542

1,613.0
498.0

767.2
986.4

44.5
64.9
48.0

62.9
72.7
56.2

December-11
December-11
December-11

Mortgage Originations (thousands)
Refinance Originations
Purchase Originations

(p)
(p)

(r)
(r)

(r)

December-11
December-11
December-11
November-11
December-11
December-11
December-11
December-11
4th Q 11

1,328.9
431.5

(p)
(p)

950.6
582.6

FHA Originations (thousands)
Refinance Originations
Purchase Originations
Purchases by First Time Buyers

42.0
77.7
58.1

(p)
(p)
(p)

30.6
57.1
42.7

Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA

4.4
31.8
13.2

4.4
31.8
12.8

4.7
36.0
12.8

4.4
34.1
14.3

December-11
December-11
December-11

1,441
1,751
711

1,449
1,778
689

1,584
1,828
598

913
1,642
333

December-11
December-11
December-11

10,723

10,882

10,780

--

58.3
84.9
61.8
21.4
42.8

71.7
96.5
56.1
23.9
49.0

75.7
112.2
69.8
19.7
62.4

121.5
103.0
78.9
13.9
74.3

Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
Underwater Borrowers (thousands)
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
REO Sales

(p)
(p)

(r)
(r)
(r)

(r)
(r)

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process.
January 2012 National Scorecard | Page 5

4th Q 11
4th Q 11

3rd Q 10

(r)

December-11
December-11
December-11
November-11
November-11

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

U.S. Department of Housing and Urban Development | Office of Policy Development and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012

A. Items in Tables

Description
Distressed Homeowners Assisted
HAMP Trial Modifications
HAMP Permanent Modifications
FHA Loss Mitigation Interventions
HOPE Now Modifications
HARP Refinances
Counseled Borrowers (thousands)
Borrower Annual Savings
HAMP Trial Modifications

SOURCES AND METHODOLOGY
Frequency

Sources

Notes on Methodology

Monthly
Monthly
Monthly
Monthly
Monthly
Quarterly

Treasury
Treasury
HUD
Hope Now Alliance
Federal Housing Finance Agency
HUD

As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifications completed.
As reported.
Housing counseling activity reported by all HUD-approved housing counselors.
HUD estimate of annualized savings based on Treasury reported active HAMP trial modifications
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifications and median monthly savings estimates.
Refinance originations (see below) multiplied by HUD estimate of annualized savings per refinance.

Quarterly

HUD, Treasury, and Freddie Mac

HAMP Permanent Modifications

Quarterly

HUD and Treasury

All Refinances

Quarterly

HUD, and MBA

Quarterly

HUD

Demolition or Clearance

Quarterly

HUD

Direct Homeownership Assistance

Quarterly

HUD

Change in Aggregate Home Equity

Quarterly

Federal Reserve Board

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 ®

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 signifies that family earning the median income
has more than enough income to qualify.

Home Prices
Case-Shiller (NSA)

Monthly

Standard and Poor’s

Monthly
Monthly

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 (purchase-only) index for US, January 1991 = 100.
CoreLogic national combined index, distressed sales excluded, January 2000 = 100.
(Only available as NSA).

Monthly

HUD and Census Bureau

Existing

Monthly

National Association of Realtors ®

First Time Buyers

Monthly

NAR, Census Bureau, and HUD

Distressed Sales (NSA)

Monthly

CoreLogic

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.

Mortgage Originations
Refinance Originations

Quarterly

Purchase Originations

Quarterly

Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD

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

Completed Activities Under NSP (housing units)
New Construction or Residential Rehab

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

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. 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.
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.

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 singlefamily, 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 first 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).

FHA Originations
Refinance Originations
Purchase Originations
Purchases by First Time Buyer

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
LPS Applied Analytics
HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
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 Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
LPS Applied Analytics, MBA, and HUD Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
HUD
Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers

Quarterly

CoreLogic

As reported.

Foreclosure Actions
Notice of Default (Foreclosure Starts)

Monthly

Realty Trac

Monthly
Monthly
Monthly
Monthly

Realty Trac
Realty Trac
CoreLogic
CoreLogic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states 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 to
revision).

Notice of Foreclosure Sale
Foreclosure Completions
Short sales
REO Sales

January 2012 National Scorecard | Page 6

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

U.S. Department of Housing and Urban Development | Office of Policy Development and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012

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 20 metro composite index (NSA) as reported monthly. Futures index figures report forward expectations of the level of the S&P/Case Shiller
index 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 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.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” 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 in
“Mortgage Originations” above.

January 2012 National Scorecard | Page 7

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

U.S. Department of Housing and Urban Development | Office of Policy Development and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | January 2012

Appendix
The Administration has taken a broad set of actions to stabilize the housing market and help
American homeowners. Two years ago, stress in the financial system had severely reduced
the supply of mortgage credit, limiting the ability of Americans to buy homes or refinance
mortgages. Millions of responsible families who had made their monthly payments and had
fulfilled their obligations saw their property values fall. They also found themselves unable to
refinance at lower mortgage rates.
In February 2009, less than one month after taking office, 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 modification 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 Refinance Option that helps underwater borrowers refinance into
a 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 to
affordable mortgage capital and help homeowners prevent foreclosures.
###
January 2012 National Scorecard | Page 8


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102