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The Obama Administration’s Efforts
To Stabilize The Housing Market
and Help American Homeowners
March 2014

U.S. Department of Housing and UrbanUrban Development | U.S. Department of theand Research
U.S Department of Housing and Development | Office of Policy Development Treasury
The Administration’s goal remains to stabilize the housing market and provide
security for homeowners. To meet these objectives in a 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 for more than
a year. More detail on the Administration’s efforts can be found in the Appendix.

•

Purchases of new homes were down. Purchases of new homes were
down 3.3 percent to a seasonally adjusted annual rate (SAAR) of 440,000
in February. New home sales were down 1.1 percent from a year earlier-the second consecutive annual decline. (Source: HUD and Census Bureau).

•

Sales of previously owned homes dropped. February was the
fourth consecutive month that sales of previously owned (existing) homes
were below year-ago levels. The National Association of Realtors® (NAR)
reported that existing homes—including single-family homes, townhomes,
condominiums, and cooperatives—sold at a seasonally adjusted annual rate
(SAAR) of 4.60 million in February, down 0.4 percent from January and 7.1
percent from a year earlier, reaching their lowest level since July 2012. The
weakness reflects low inventory, strict bank lending standards, less favorable
housing affordability, and unusually harsh weather in much of the country.

•

The Administration’s foreclosure mitigation programs continue
to provide relief for millions of homeowners. The Administration’s
foreclosure mitigation programs continue to provide relief for millions of
homeowners as the recovery from the housing crisis continues. Nearly 2.0
million homeowner assistance actions have taken place through the Making
Home Affordable Program, including more than 1.3 million permanent
modifications through the Home Affordable Modification Program (HAMP),
while the Federal Housing Administration (FHA) has offered more than 2.2
million loss mitigation and early delinquency interventions through February.
The Administration’s programs continue to encourage improved standards
and processes in the industry, with HOPE Now lenders offering families
and individuals more than 4.0 million proprietary modifications through
January (data are reported with a 2-month lag). In all, more than 8.2 million
mortgage modification and other forms of mortgage assistance arrangements
were completed between April 2009 and the end of February 2014. You
can read Treasury’s MHA report here.

March 2014 Scorecard on Administration’s
Comprehensive Housing Initiative
The President’s housing market recovery efforts began immediately after taking office
in 2009. The March 2014 housing scorecard includes key indicators of market
health and results of the Administration’s comprehensive response, as outlined above:
•

House prices remain stable. As of January 2014, the Federal Housing
Finance Agency (FHFA) purchase-only house price index rose 7.4 percent
from last year and ticked up 0.5 percent (seasonally adjusted) from December.
The FHFA seasonally adjusted purchase-only index for the U.S. shows that
home values are on par with prices in mid-2005. The S&P/Case-Shiller
20-City Home Price Index for January posted returns of 13.2 percent over
the past 12 months but was down 0.1 percent (not seasonally adjusted) from
December. Prices, however, are typically weaker at this time of the year. The
Case-Shiller index shows that home values are back to their mid-2004 levels.
(The Case-Shiller and FHFA price indices are released with a 2-month lag.)

•

Foreclosure starts are at their lowest level since the end of
2005. Newly initiated foreclosures, at 51,842 U.S. properties, were down
9 percent from January and 27 percent from one year ago--reaching their
lowest level since December 2005. A total of 30,307 U.S. properties were
repossessed by lenders (Real Estate Owned, or REO) in February, virtually the
same as January and down 33 percent from a year ago. (Source: Realty Trac)

•

Homeowners’ equity continues to rise. According to the Federal
Reserve, homeowners’ equity is up over $400 billion ($412 billion) in the
fourth quarter of 2013, reaching more than $10 trillion ($10.026 trillion),
for the first time since 2007. Homeowners’ equity has risen sharply since
the beginning of 2012, with equity up 60 percent, or more than $3.7
trillion, as of the fourth quarter of 2013. The change in equity since April
1, 2009 now stands at more than $3.9 trillion.

The Administration’s recovery efforts continue to help millions of families deal
with the worst economic crisis since the Great Depression. However, there is a
need to continue with recovery efforts as home sales have slowed, too many
homeowners remain underwater, and mortgage delinquency rates remain
elevated. There is also considerable geographic variation in market conditions
not captured in the national statistics, which suggests some markets are
improving at different rates than others. The Administration remains committed
to its efforts to prevent avoidable foreclosures and stabilize the housing market.

March 2014 National Scorecard | Page 1

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 | March 2014

March 2014 National Scorecard | Page 2

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 | March 2014
Home Affordability Remains Above Historic Norm,
Home Affordability Remains Above Historic Norm,
Mortgage Rate Within One Percentage Point of Historic Low
Mortgage Rate Within One Percentage Point of Historic Low

26.8 Million Homeowners Have Refinanced
26.8 Million Homeowners Have Refinanced
Since April 1, 2009
Since April 1, 2009	
   	
  

Percentage	
  Rates	
  And	
   ndex	
  Values	
  
Percentage	
  Rates	
  And	
  IIndex	
  Values	
  

9	
  
9	
  
8	
  
8	
  

30-­‐Yr	
  Fixed	
  
30-­‐Yr	
  Fixed	
  
Mortgage	
  Rate	
  
Mortgage	
  Rate	
  

240	
  
240	
  

NAR	
  Home	
  
NAR	
  Home	
  
Affordability	
  ndex	
  
Affordability	
  IIndex	
  
(right	
  axis)	
  
(right	
  axis)	
  

220	
  
220	
  
200	
  
200	
  

7	
  
7	
  

180	
  
180	
  
160	
  
160	
  

6	
  
6	
  

Quarterly	
  Refinance	
  Mortgage	
  Origina:ons	
  Millions)	
  	
  
Quarterly	
  Refinance	
  Mortgage	
  Origina:ons	
  ((Millions)	
  	
  

5	
  
5	
  
4	
  
4	
  
3	
  
3	
  

140	
  
140	
  

4	
  
4	
  

Affordability	
   ndex	
  
Affordability	
  IIndex	
  
Historic	
   Norm	
  
	
  	
  	
  	
  	
  	
  	
  	
  Historic	
  	
  	
  Norm	
  	
  	
  

2	
  
2	
  

120	
  
120	
  

5	
  
5	
  

1	
  
1	
  

100	
  
100	
  

0	
  
0	
  

80	
  
80	
  

3	
  
3	
  

Sources:	
  	
  Mortgage	
  Bankers	
  Associa:on	
   nd	
  HUD.	
  
Sources:	
  	
  Mortgage	
  Bankers	
  Associa:on	
  aand	
  HUD.	
  
See	
  Note	
  4	
   nd	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  
See	
  Note	
  4	
  aand	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  

The	
  historic	
  norm	
  of	
  128	
   s	
   he	
  median	
  value	
  of	
   he	
  affordability	
  index	
  since	
  1989.	
  
The	
  historic	
  norm	
  of	
  128	
  iis	
  tthe	
  median	
  value	
  of	
  tthe	
  affordability	
  index	
  since	
  1989.	
  
Sources:	
   Freddie	
  Mac	
  and	
  Na:onal	
  Asssocia:on	
  of	
  Realtors	
  
Sources:	
  	
  	
  Freddie	
  Mac	
  and	
  Na:onal	
  Asssocia:on	
  of	
  	
  	
  Realtors	
  

Mortgage Aid Extended Nearly 7.6 Million Times,
Mortgage Aid Extended Nearly 7.6 Million Times,
Outpacing Foreclosures
Outpacing Foreclosures 	
   	
  

Cumula:ve	
  Mortgages	
  Receiving	
  Aid	
  and	
  Mortgages	
  Foreclosed	
  Since	
  April	
  1,	
  2009	
   Millions)	
  
Cumula:ve	
  Mortgages	
  Receiving	
  Aid	
  and	
  Mortgages	
  Foreclosed	
  Since	
  April	
  1,	
  2009	
  ((Millions)	
  
	
  	
  
8	
  
8	
  
7	
  
7	
  
6	
  
6	
  
5	
  
5	
  

	
   	
  

6	
  
6	
  

Mortgages	
  modified	
  or	
   eceiving	
  oss	
  mi:ga:on	
  since	
  	
  April	
  1,	
  2009:	
  7.6	
  Million	
  
	
  	
  
Mortgages	
  modified	
  or	
  rreceiving	
  lloss	
  mi:ga:on	
  since	
  	
  April	
  1,	
  2009:	
  7.6	
  Million	
  
	
  	
  
	
  	
  
	
  	
  

4	
  
4	
  
3	
  
3	
  

Mortgage Aid Helps Keep Foreclosure Filings Down
Mortgage Aid Helps Keep Foreclosure Filings Down
Monthly	
   oreclosure	
  Ac:ons	
  ( (Thousands)	
  
Monthly	
  FForeclosure	
  Ac:ons	
  Thousands)	
  

240	
  
240	
  

Cumula:ve	
  foreclosure	
   omple:ons	
  since	
  April	
  2009:	
  3.8	
  million	
  
Cumula:ve	
  foreclosure	
  ccomple:ons	
  since	
  April	
  2009:	
  3.8	
  million	
  
(Includes	
  investor,	
   econd	
  home,	
  and	
  j jumbo	
   roper:es)	
  
(Includes	
  investor,	
  ssecond	
  home,	
  and	
  umbo	
  pproper:es)	
  

200	
  
200	
  

Foreclosure	
  
Foreclosure	
  	
   	
  
Starts	
  
Starts	
  

160	
  
160	
  
120	
  
120	
  

2	
  
2	
  
1	
  
1	
  

80	
  
80	
  

0	
  
0	
  

40	
  
40	
  

Foreclosure	
  
Foreclosure	
  
Comple:ons	
  
Comple:ons	
  

0	
  
0	
  
FHA	
  Loss	
  Mi:ga:on	
  
HAMP	
  Modifica:ons	
  
FHA	
  Loss	
  Mi:ga:on	
  
HAMP	
  Modifica:ons	
  
Hope	
  Now	
  Modifica:ons	
  
Foreclosure	
  Comple:ons	
  
Hope	
  Now	
  Modifica:ons	
  
Foreclosure	
  Comple:ons	
  
Data	
  exclude	
   rial	
  modifica:ons.	
  Hope	
  Now	
  data	
   hrough	
  January	
  2014,	
  all	
  other	
  data	
  through	
  February	
  2014.	
  
Data	
  exclude	
  ttrial	
  modifica:ons.	
  Hope	
  Now	
  data	
  tthrough	
  January	
  2014,	
  all	
  other	
  data	
  through	
  February	
  2014.	
  
Sources:	
   HUD,	
  Dept.	
  of	
  Treasury,	
  Hope	
  Now	
  Alliance,	
  and	
  Realty	
  Trac.	
  
Sources:	
  	
  	
  HUD,	
  Dept.	
  of	
  Treasury,	
  Hope	
  Now	
  Alliance,	
  and	
  Realty	
  Trac.	
  
See	
  Note	
  5 and	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  	
  
See	
  Note	
  5	
  	
  and	
  Addi:onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  	
  	
  	
  
	
  	
  

Foreclosure	
   tarts	
  are	
  default	
  no:ces	
  or	
  scheduled	
  f foreclosure	
   uc:ons,	
  depending	
  on	
  t the	
  tate.	
  See	
  Note	
  6,	
  Sources	
  and	
  
Foreclosure	
  sstarts	
  are	
  default	
  no:ces	
  or	
  scheduled	
  oreclosure	
  aauc:ons,	
  depending	
  on	
  he	
  sstate.	
  See	
  Note	
  6,	
  Sources	
  and	
  
Methodology.	
  
Methodology.	
  	
   	
  
Source:	
  Realty	
   rac	
  	
  
Source:	
  Realty	
  TTrac	
  	
  
	
   	
  

March 2014 National Scorecard | Page 3

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 | March 2014
Home Equity Has Another Sharp Gain in Fourth Quarter 2013	
  	
  	
  	
  

Homeowners Save From Reduced Mortgage Payments

Owners’	
  Equity	
  In	
  Household	
  Real	
  Estate	
  At	
  End	
  Of	
  Period	
  ($	
  Trillions)	
  

Annualized	
  Savings	
  From	
  Payment	
  Reduc@ons	
  ($	
  Billions)	
  

70	
  
65	
  
60	
  
55	
  
50	
  
45	
  
40	
  
35	
  
30	
  
25	
  
20	
  
15	
  
10	
  
5	
  
0	
  

14	
  
12	
  
10	
  
8	
  
6	
  
4	
  
2	
  
0	
  

All	
  Refinances	
  

Source:	
  	
  Federal	
  Reserve	
  Board.	
  

Housing Counselors Serve Millions of Families

FHA Supports Mortgage Lending During Crisis	
  	
  

Cumula@ve	
  Households	
  Counseled	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  	
  

FHA	
  As	
  Share	
  Of	
  Quarterly	
  Mortgage	
  Origina@ons	
  By	
  Type	
  (Percent)	
  
45	
  

	
  

	
  
Households	
  counseled	
  	
  since	
  	
  April	
  1,	
  2009:	
  9.9	
  million	
  

11	
  

40	
  

10	
  

35	
  

9	
  

30	
  

8	
  

25	
  

7	
  

20	
  

6	
  

15	
  

5	
  

10	
  

4	
  

5	
  

3	
  

0	
  

2	
  
1	
  
Purchase	
  

Sources:	
  	
  MBA	
  and	
  HUD.	
  
See	
  Note	
  8,	
  Sources	
  and	
  Methodology.	
  

HAMP	
  Modifica@ons	
  and	
  Trials	
  

Aggregate	
  annual	
  reduc@on	
  in	
  mortgage	
  payments	
  on	
  refinances	
  since	
  April	
  1,	
  2009	
  plus	
  ac@ve	
  trial	
  and	
  
permanent	
  HAMP	
  modifica@ons.	
  
Sources:	
  	
  MBA,	
  Treasury,	
  Freddie	
  Mac,	
  and	
  HUD.	
  
See	
  Note	
  7	
  and	
  Addi@onal	
  Notes,	
  Sources	
  and	
  Methodology.	
  

Refinance	
  

Combined	
  

0	
  

Source:	
  	
  HUD.	
  

March 2014 National Scorecard | Page 4

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

U.S. Department of orts To and Urban Development | Office of Policy Development and Research
The Obama Administration’s EffHousing Stabilize The Housing Market and Help American Homeowners | March 2014

Indicator

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
This Period
Last Period
Cumulative From April 1, 2009
Latest Release

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

10.2 (s)
12.5 (s)
33.2
28.5
30.0

12.0
15.7
45.9
29.9
30.0

2,174
1,340
2,232
4,022
3,088

(r)

February-14
February-14
February-14
January-14
January-14
3rd Q 13

464.9

389.5

9,944

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

----

----

284
6,051
57,924

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

----

----

32,439 [62,270]
27,863 [23,995]
10,873 [17,106]

411.9

418.9

Change in Aggregate Home Equity ($ billions)

Indicator

Mortgage Rates (30-Yr FRM, percent)

Last Period

4.40

Year Ago

4.32

4th Q 13
4th Q 13
4th Q 13

(b,s)
(b,s)
(b,s)

4th Q 13
4th Q 13
4th Q 13

3,941.0

(r)

HOUSING MARKET FACT SHEET
This Period

(r)

3.57

4th Q 13

As of Dec 2008

Latest Release

5.10

27-Mar-14

Housing Affordability (index)

174.2

168.4

(r)

213.6

162.9

January-14

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

165.5
209.1
169.6

165.6
208.1
168.1

(r)

146.2
194.8
153.2

150.5
196.6
160.0

January-14
January-14
February-14

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

36.7
383.3
159.6
18

37.9
358.0
160.7
18

37.1
412.5
170.8
26

31.4
334.2
149.9
32

February-14
February-14
February-14
January-13

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)

2,000
5.2
189
5.2
3,757

1,880
4.9
188
5.0
3,675

1,900
4.6
152
4.1
3,746

3,130
9.4
353
11.2
3,542

February-14
February-14
February-14
February-14
4th Q 13

Mortgage Originations (thousands)
Refinance Originations
Purchase Originations

784.4
640.4

1,017.6
891.6

(r)
(r)

1,997.9
682.7

767.1
986.3

4th Q 13
4th Q 13

13.9
34.4
26.2

(r)
(r)
(r)

57.6
43.2
33.8

62.9
72.7
56.2

February-14
February-14
February-14

(p)
(p)

(r)

(r)
(r)

(r)
(r)

(r)

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

18.1
31.2
24.7

Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA

3.0
30.6
10.9

3.1
32.0
11.6

3.8
29.4
12.0

4.4
34.3
14.3

February-14
February-14
February-14

Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA

679
1,112
603

730
1,135
613

1,080
1,477
724

915
1,632
333

February-14
February-14
February-14

Underwater Borrowers (thousands)

6,520

6,505

10,480

--

(p)
(p)
(p)

(r)

4th Q 13

Foreclosure Actions (thousands)
57.3
71.5
148.6
February-14
Foreclosure Starts
51.8
30.2
45.0
78.9
February-14
Foreclosure Completions
30.3
18.2 (r)
25.4
14.0
January-14
Short Sales
12.2 (p)
37.0 (r)
47.1
74.8
January-14
REO Sales
31.5 (p)
SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process, s = see note Sources and Methodology page.
March 2014 National Scorecard | Page 5

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

U.S. Department of orts To and Urban Development | Office of Policy Development and Research
The Obama Administration’s EffHousing Stabilize The Housing Market and Help American Homeowners | March 2014

A. Items in Tables

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

SOURCES AND METHODOLOGY
Frequency

Sources

Notes on Methodology

Monthly
Monthly
Monthly
Monthly
Monthly

Treasury
Treasury
Federal Housing Finance Agency
HUD
Hope Now Alliance

As reported. Also see additional note in Section C below on HAMP Tier 2.
As reported. Also see additional note in Section C below on HAMP Tier 2.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifications completed.

Quarterly

HUD

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. Also see additional note in Section C below on HAMP Tier 2.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent modifications
and median monthly savings estimates. Also see additional note in Section C below on HAMP Tier 2.
Refinance originations (see below) multiplied by HUD estimate of annualized savings per
refinance.

Quarterly

HUD, Treasury, and Freddie Mac

HAMP Active Permanent Modifications

Quarterly

HUD and Treasury

All Refinances

Quarterly

HUD, and MBA

Quarterly

HUD

Quarterly

HUD

Quarterly

HUD

Quarterly

Federal Reserve Board

Completed Activities Under NSP
(housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance
Change in Aggregate Home Equity

Housing units constructed/rehabilitated using Neighborhood Stabilization Program. Bracketed
numbers include units in process.
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.

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 a 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 (purchaseonly) 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 in Census CPS/HPS Table 4. Estimates of Housing Inventory, line item “Year-round vacant, held off market for reasons other than occasional use or usually reside elsewhere.” Vacant
units can be held off the market for a variety of reasons.

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

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

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 single-family,
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 Buyers
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA

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.

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
Foreclosure Starts

Monthly

Realty Trac

Monthly
Monthly
Monthly

Realty Trac
CoreLogic
CoreLogic

Foreclosure starts are reported counts of notice of default or scheduled foreclosure auction,
depending on which action starts the foreclosure process in a state.
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).

Foreclosure Completions
Short sales
REO Sales

March 2014 National Scorecard | Page 6

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

U.S. Department of orts To and Urban Development | Office of Policy Development and Research
The Obama Administration’s EffHousing Stabilize The Housing Market and Help American Homeowners | March 2014

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 10-metro composite index (NSA) as reported monthly. Implied Case-Shiller futures index figures report forward expectations for the level
of the S&P/Case Shiller index as of the date indicated, estimated from prices of futures purchased on the Chicago Mercantile Exchange reported by CME
Group. The January 2009 market trend projection reports forward expectations estimated from prices of futures contracts reported by Radar Logic. Also see
additional note in Section C below.
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 permanent 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. Also see additional note in Section C below on HAMP Tier 2.
6. Beginning with the September 2012 release, filings of a notice of default or scheduled foreclosure auction, depending on which action starts the foreclosure process
in a state, are reported for foreclosure starts. Foreclosure defaults previously had been reported as a proxy for foreclosure starts. Foreclosure completions are
properties entering REO. Both as reported by Realty Trac.
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. See additional note below on FHA market share.

C. Additional Notes.
Beginning with the February 2013 release, the House Price Expectations Chart was updated by replacing market expectations as they existed in January
2009 with expectations as of December 2011. Prices of futures purchased for the S&P/Case-Shiller 10-metro composite index, available on the web
from CME Group, were used to estimate expectations for December 2011 and for the current month. Market trend as of January 2009 is estimated from
percentage changes in house price futures based on a different house price index: RadarLogic RPX. This trend has been added back to the chart because it
imparts important information on how house price expectations have changed over time.
Beginning with the January 2013 release, mortgage aid under HAMP Tier 2 is included in the totals. Effective June 2012, HAMP Tier 2 expanded eligibility
requirements to further reduce foreclosures and help stabilize neighborhoods. For non-GSE loans, eligibility was expanded to allow for more flexible debt-toincome criteria and to include properties currently occupied by a tenant, as well as vacant properties which a borrower intends to rent.
FHA market share estimates are based on new methodology beginning with the October 2013 report; estimates were revised back through Q1 2013. See
the FHA Market Share report on their website for an explanation of the new methodology: http://portal.hud.gov/hudportal/HUD?src=/program_offices/
housing/rmra/oe/rpts/fhamktsh/fhamktqtrly.

March 2014 National Scorecard | Page 7

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

U.S. Department of orts To and Urban Development | Office of Policy Development and Research
The Obama Administration’s EffHousing Stabilize The Housing Market and Help American Homeowners | March 2014

Appendix
The Administration has taken a broad set of actions to stabilize the housing market and help
American homeowners. Three 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.

•

Implemented a series of changes to the Home Affordable Refinance Program (HARP) in
an effort to attract more eligible borrowers who can benefit from refinancing their home
mortgages during this time of historically low mortgage rates.
###

March 2014 National Scorecard | Page 8


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