FHFA, Treasury Release Monthly Housing Scorecard
The Administration’s Monthly HousingrnScorecard for July contained little in the way of new information. The Scorecard is a summary of housing datarnfrom various sources such as the S&P/Case-Shiller house price indices, thernNational Association of Realtors® existing home sales report, Census data, andrnRealtyTrac foreclosure information. Mostrnof the information has already been covered in by MND. </p
The Scorecard includes by reference thernmonthly report on the Home Affordable Modification Program (HAMP). The current report covers information throughrnJune.</p
Homeowners continue to filter into thernprogram with 16,321 new trials started since the May report and 17,192 homeownersrncompleting their three month trials and moving into permanentrnmodifications. Since the program beganrn1.88 million homeowners have entered trials and 1,043,471 have converted tornpermanent status. </p
HAMP modifications continue to show arngood rate of success with the oldest loans, modified near the end of 2009,rnhaving a 33.3 percent serious delinquency rate at the end of two years. That rate has dropped to 28.8 percent forrnloans modified in the second quarter of 2010, the last vintage for which that muchrndata is available. Most successivernvintages have shown improvement over prior ones at the same age point.</p
Of those customers without GSE loans whorncame into the HAMP program in June, 75 percent received some form of principalrnreduction with their modification.</p
HAMP reports the following activity forrnthe other programs operated under its auspices. </p
HomernAffordable Foreclosure Alternatives (HAFA)</p
CompletedrnShort Sales 55,273</p
Forty-threernpercent of completed HAFA transactions were in California.</p
Forbearancesrnthrough the Unemployment Program (UP) have totaled 24,329 with all but 3,300 ofrnthose being plans with some payment required during the forbearance period andrnthe remainder requiring no payment.</p
ThernSecond Lien Modification Program (2MP)</p
Secondrnlien modifications started 86,792</p
Fullrnsecond lien extinguishments 18,974</p
Secondrnlien modifications 59,558</p
Thernmedian dollar amount of a full extinguishment was $61,641 and of a partialrnextinguishment $8,674.
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