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

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 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.

October 2012 Scorecard on Administration’s
Comprehensive Housing Initiative

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

The Administration’s foreclosure programs are
providing relief for millions of homeowners as we
continue to recover from an unprecedented housing
crisis. Nearly 1.3 million homeowner assistance actions have
taken place through the Making Home Affordable Program,

while the Federal Housing Administration (FHA) has offered
more than 1.5 million loss mitigation and early delinquency
interventions. The Administration’s programs continue to
encourage improved standards and processes in the industry,
with HOPE Now lenders offering families and individuals
more than three million proprietary mortgage modifications
through August.
•

Homeowners in the Home Affordable Modification
Program (HAMP) demonstrate a high likelihood
of long-term success to avoid foreclosure. As of
September 2012, more than one million families have
benefitted from a permanent HAMP modification, saving a
median of approximately $541 on their mortgage payments
every month. Eighty-six percent of homeowners who started
the program in the past two years have received a permanent
modification. HAMP modifications continue to perform well
over time, exhibiting lower delinquency and re-default rates
than private industry modifications as reported by the Office
of the Comptroller of the Currency. The generous payment
relief offered to many struggling families by HAMP is a strong
indicator of their ability to sustain the payments over time.
View the Making Home Affordable Report with data through
September 2012.

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.

October 2012 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 | October 2012

October 2012 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 | October 2012

October 2012 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 | October 2012

October 2012 National Scorecard | Page 4

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 American and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and HelpDevelopmentHomeowners | October 2012

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

15.2
13.8
36.1
59.5
98.9

14.6
16.5
37.9
66.0
96.4

1,928
1,091
1,509
3,140
1,640

September-12
September-12
September-12
August-12
August-12

972.3

420.4

8,522

2nd Q 12

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

----

----

354
5,402
35,578

3rd Q 12
3rd Q 12
3rd Q 12

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

----

----

14,754 [56,949]
23,822 [25,779]
8,792 [18,070]

406.1

456.7

Counseled Borrowers (thousands)

Change in Aggregate Home Equity ($ billions)

Indicator

Mortgage Rates (30-Yr FRM, percent)

1041.1

(r)

HOUSING MARKET FACT SHEET
This Period

Last Period

3.39

Year Ago

3.41

(b)
(b)
(b,s)

4.00

2nd Q 12
2nd Q 12
2nd Q 12
2nd Q 12

As of Dec 2008

Latest Release

5.10

1-Nov-12

Housing Affordability (index)

185.0

183.4

(r)

180.5

162.9

August-12

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

145.9
191.2
155.6

144.6
190.0
154.1

(r)
(r)

143.0
182.5
148.3

150.5
197.5
161.3

August-12
August-12
August-12

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

32.4
395.8
158.5
22

30.7
402.5
160.3
23

25.5
356.7
141.4
26

31.4
334.2
149.9
32

September-12
September-12
September-12
August-12

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)

2,320
5.9
145
4.5
3,807

2,400
6.0
143
4.7
3,928

(r)
(r)
(r)

2,900
8.1
160
6.3
3,840

3,130
9.4
353
11.2
3,542

September-12
September-12
September-12
September-12
3rd Q 12

1574.9
601.5

1,199.4
629.1

(r)
(r)

1,160.4
720.8

767.2
986.4

3rd Q 12
3rd Q 12

49.7
69.2
45.7

(r)
(r)
(r)

23.5
65.0
49.6

62.9
72.7
56.2

September-12
September-12
September-12

Mortgage Originations (thousands)
Refinance Originations
Purchase Originations

(p)
(p)

(r)
(r)
(r)
(r)

(r)

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

26.4
49.3
37.7

Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA

4.2
31.1
12.5

3.8
29.0
11.7

4.4
31.7
12.4

4.4
34.3
14.3

September-12
September-12
September-12

1,293
1,554
739

1,311
1,560
728

1,472
1,707
635

915
1,632
333

September-12
September-12
September-12

10,779

11,374

(s)

11,794

--

(r)
(r)

102.7
65.0
28.6
63.7

148.6
78.9
14.0
74.7

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

(p)
(p)
(p)

87.1 (s)
53.6
26.9 (p)
33.2 (p)

99.4
52.4
30.0
41.9

2nd Q12

(r)
(r)

September-12
September-12
August-12
August-12

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process, s = see note Sources and Methodology page.
October 2012 National Scorecard | Page 5

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 American and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and HelpDevelopmentHomeowners | October 2012

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 Agancy
HUD
Hope Now Alliance

As reported.
As reported.
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.
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 Active 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 medianpriced 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 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 refiance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of home
purchase originations.

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).

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

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

FHA Originations
Refinance Originations
Purchase Originations
Purchases by First Time Buyers
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA

Foreclosure Completions
Short sales
REO Sales

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).

October 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 American and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and HelpDevelopmentHomeowners | October 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 purchased on the Chicago Board of Exchange 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 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.
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. Data for 2010 and 2011 have been revised.

C. Additional Notes.
Additional loan servicers were added to the LPS Applied Analytics data base in March 2012, increasing market coverage of active prime loans in the LPS
sample by 0.5 percent and active subprime loans by 20 percent. Since the estimated number of delinquent loans from this source have always been scaled
to represent the entire market, the additional market coverage would not necessarily increase the number of delinquent loans reported here. The increased
sample size improves the accuracy of the estimates.
The Q4 2011 NSP data shown in prior scorecards were revised with the Q1 2012 data. Also, the Q1 2011 NSP counts for Direct Homeownership
Assistance were revised with the Q2 2012 data.
Beginning the 1st quarter of 2012, Corelogic revised the methodology used to estimate the number of underwater borrowers by improving the accuracy of
their home value estimates. This resulted in increasing the share and number of loans underwater, affecting current and past quarters. CoreLogic provided
revised estimates back through the 3rd quarter of 2009.
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 had previously been reported as a proxy for foreclosure starts. See “Foreclosure
Actions” above.

October 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 American and Research
The Obama Administration’s Efforts To Stabilize The Housing Market and HelpDevelopmentHomeowners | October 2012

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.
###

October 2012 National Scorecard | Page 8


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