Housing Market Strengthens, According to Housing Scorecard
Data showing improvements to the housing market was recently released by the US Department of Housing and Urban Development (HUD) and the US Department of the Treasury. The January Housing Scorecard shows the housing market strengthening as the number of “underwater” homeowners decreases and the prices of homes increase. Although this trend varies from one region to the next and economic recovery is still shaky, the overall market appears to be improving.
Several federal housing programs have supported this success. The Making Home Affordable program has helped more than one million homeowners avoid foreclosure and the Home Affordable Modification Program (HAMP) has helped over 1.1 million borrowers find a permanent modification. In addition, the Hardest Hit Fund and the Neighborhood Stabilization Program have supported market and neighborhood stability. Despite this movement in the right direction, many families are still struggling and more work is needed to achieve full recovery.
SOURCE: Real Estate Rama