The newly released November Scorecard shows the Obama Administration has made significant strides in promoting stability for the housing market and the nation’s homeowners. Millions more families are able to stay in their homes and there is a steady rise in responsible borrowers refinancing their loans who are becoming homeowners.
The Administration cannot stop every foreclosure. We know that more has to be done to reach homeowners in distress and to help those that are unemployed borrowers. They are focusing on successfully implementing the programs we have in place, such as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeowners and that help is available to homeowners as early as possible.
Recent reports of problems in the foreclosure process underscores the importance of helping responsible homeowners avoid the pain of foreclosure. We continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners and provide meaningful alternatives to avoid foreclosure.
The November Scorecard shows key data on the health of the housing market. One million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history. This has helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.
With the expiration of the Home Buyer Tax Credit, new and existing home sales have stayed below levels in the first half of 2010. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosures for the same period (1.6 million).
Data in the scorecard show that recovery in the housing market continues to remain fragile. While recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.
