United States. Department of the Treasury and United States. Department of Housing and Urban Development. "May 2011," The Obama Administration's Efforts to Stabilize the Housing Market and Help American Homeowners (May 2011). https://fraser.stlouisfed.org/title/5162/item/519540, accessed on May 10, 2025.

Title: May 2011

Date: May 2011
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image-container-0 e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners May 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. May 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 May 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 March paint a mixed picture of recovery. Home prices remain weak after several straight months of decline. However, CoreLogic reported a minor month-over-month increase for April and mortgage delinquencies continued a downward trend compared to early 2010. Foreclosure starts and completions remain below peak, though as lenders continue to review internal procedures related to foreclosure processing many foreclosure actions may have been delayed. • More than 4.8 million modification arrangements were started between April 2009 and the end of March 2011 - more than double the number of foreclosure completions during that time. These actions included nearly 1.6 million HAMP trial modifi cation starts, more than 849,300 FHA loss mitigation and early delinquency interventions, and more than 2.3 million proprietary modifi cations under HOPE Now. In April, 29,000 homeowners received a trial HAMP modifi cation, and 29,000 additional homeowners received a permanent modifi cation with a median payment reduction of 37 percent—or more than $500 every month. While some homeowners may have received help from more than one program, the number of agreements offered was more than double the number of foreclosure completions for the same period (2 million). The April Monthly Report can be found at: http://www. treasury.gov/initiatives/fi nancial-stability/results/MHA-Reports/ Pages/default.aspx Given the current fragility and recognizing that recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market. May 2011 National Scorecard | Page 1
image-container-1 U.S Department of Housing and Urban Development U.S. Department of the Treasury May 2011 National Scorecard | Page 2 U.S Department of Housing and Urban Development U.S. Department of the Treasury e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners | May 2011 @D? @FD A?? AAD AD? AFD Recent House Price Slide Re ects Fragility Of Recovery And Extent Of Distressed Sales &%)#0 &,( ' '%( 0 %/ 7< &,(%(8 &,'(3 )%' : &&'9(2 '# &,( % %% %02 &' & 2 % 4 &) @2 &,'( % )&&#&04 &'& 7 /#, % ()'(( #(8 :5 (6 ##' ? A? C? E? G? @?? @A? ? A?? C?? E?? G?? Existing And New Home Sales &%)#0 #( 7&,(%(8 (&%##0 !,() &,'3 *&%# ((& *&% & #)&'( 2 %(,( ,',2 % 4 &) B2 &,'( % )&&#&04 / (*% &$ #( 7# / (8 . &$ #( 7' ) / (8 A B C D Existing Homes On e Market Below Peak, Number Of Units Held O e Market Remains High / (*% &$( - ## &' # 7 % & ' &8 % &)# %) &,( % % )( 7' &,%8 '") 7 ## &%(8 &,'(3 *&%# ((& *&% & #)&'( % %(,( ,',4 / (*% &$( &% '") % )( # & '") 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 Remain Above 2009 Projections :5 (6 ##'2 &,( ' ,),'( %/ 7% A??? I @??8 &,'(3 )%' % &&'9( % ' & &) A2 &,'( % )&&#&04 :5 (6 ##' %/ &,( ' ,),'( 0 A?@@ &,( ' ,),'( % A??H
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