United States. Department of the Treasury and United States. Department of Housing and Urban Development. "March 2011," The Obama Administration's Efforts to Stabilize the Housing Market and Help American Homeowners (March 2011). https://fraser.stlouisfed.org/title/5162/item/519538, accessed on May 10, 2025.

Title: March 2011

Date: March 2011
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image-container-0 e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners March 2011 U.S. Department of Housing and Urban Development | Office of Policy Development and Research U.S Department of Housing and Urban Development | U.S. Department of the Treasury 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 modifi cations and refi nancing, 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 MBS 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. March 2011 Scorecard on Administration’s Comprehensive Housing Initiative The President’s housing market recovery efforts began immediately after taking offi ce in February 2009. The March 2011 housing scorecard includes the following key indicators of market health and results of the Administration’s comprehensive response, as outlined above: • Housing market remains fragile as data through February paint a mixed picture of recovery. Home prices remain weak under continued strain from foreclosures and distressed home sales. However, since April 2009, record low mortgage rates have helped nearly 10 million homeowners to refi nance, resulting in $18.1 billion in total borrower savings. • Mortgage delinquencies continued a downward trend compared to early 2010. Foreclosure starts and completions remain below peak, however as lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months. • More than 4.4 million modification arrangements were started between April 2009 and the end of February 2011 - more than double the number of foreclosure completions during that time. These actions included more than 1.5 million HAMP trial modifi cation starts, more than 776,000 FHA loss mitigation and early delinquency interventions, and nearly 2.2 million proprietary modifi cations under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered was more than double the number of foreclosure completions for the same period (1.9 million). The February Monthly Report can be found at: http://www.treasury.gov/initiatives/fi nancial-stability/results/ MHA-Reports/Pages/default.aspx Given the current fragility and recognizing that recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.
image-container-1 U.S Department of Housing and Urban Development U.S. Department of the Treasury ? A? C? E? G? @?? @A? ? A?? C?? E?? G?? Existing And New Home Sales &%)#0 #( 7&,(%(8 (&%##0 !,() &,'3 *&%# ((& *&% & #)&'( 2 %(,( ,',2 % 4 &) B2 &,'( % )&&#&04 / (*% &$ #( 7# / (8 . &$ #( 7' ) / (8 A B C D Existing Homes On e Market Below Peak, Number Of Units Held O e Market Remains High / (*% &$( - ## &' # 7 % & ' &8 % &)# %) &,( % % )( 7' &,%8 '") 7 ## &%(8 &,'(3 *&%# ((& *&% & #)&'( % %(,( ,',4 / (*% &$( &% '") % )( # & '") @D? @FD A?? AAD AD? AFD House Prices Unsettled During is Fragile Stage of Recovery, Distressed Sales A ecting Indexes &%)#0 &,( ' '%( 0 %/ 7< &,(%(8 &,'(3 )%' : &&'9( 2 '# &,( % %% %02 &' & 2 % 4 &) @2 &,'( % )&&#&04 &'& 7 /#, % ()'(( #(8 :5 (6 ##' FD @?? @AD @D? @FD A?? AAD A??B A??C A??D A??E A??F A??G A??H A?@? A?@@ A?@A A?@B Expectations On House Prices Have Shifted Up From 2009 :5 (6 ##'2 &,( ' ,),'( %/ 7% A??? I @??8 &,'(3 )%' % &&'9( % ' & &) A2 &,'( % )&&#&04 :5 (6 ##' %/ &,( ' ,),'( ' A?@@ &,( ' ,),'( % A??H U.S Department of Housing and Urban Development U.S. Department of the Treasury e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners | March 2011
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