Home Sales and Prices Are Up, But Caution Remains

Existing-home sales and prices are up, but government officials caution the economy is still fragile in the Obama Administration’s January 2014 Housing Scorecard, an overall look at the nation’s housing market.

The report showed progress among several key indicators. “In 2013, home sales had their strongest performance in several years; foreclosure starts were at their lowest annual level since 2005; and home owners’ equity is up $3.4 trillion since the beginning of 2012,” according to the report.

“With foreclosures down, home sales up, and equity continuing to grow, the housing market continues to make slow, but steadily-improving progress,” says Kurt Usowski, HUD deputy assistant secretary for economic affairs.

The report also highlights the status of the administration’s Making Home Affordable program each month, a program aimed at helping home owners avoid foreclosure. To date, more than 1.9 million home owner assistance actions have taken place through the Making Home Affordable program, including more than 1.3 million permanent loan modifications through the Home Affordable Modification Program (HAMP). Also, the report shows the Federal Housing Administration offered 2.1 million loss mitigation and early delinquency interventions through December.

Source: U.S. Department of Housing and Urban Development