Mortgage News

Home affordability remains near 10-year highs, according to the 2nd edition of the Administration's Housing Scorecard released today by the US Department of Housing and Urban Development (HUD) and the Treasury Department. The July scorecard is the second aggregate of housing initiative reports.

"The housing market is performing better than the predictions made over a year ago," said HUD assistant secretary Raphael Bostic, in a statement. "We're absolutely not claiming victory, but due to the Obama Administration's efforts, improved home affordability is continuing to provide opportunities for prospective, qualified, homebuyers, while promising neighborhood stabilization efforts are helping hard hit neighborhoods start to recover."

More than 7.2 million homeowners refinanced under historic low rates since April 2009, saving a total estimated $12.9 billion, according to the scorecard. Nearly 3 million borrowers restructured their home loans, including through modification, since April 2009, twice the rate of 1.24 million foreclosures during the same time period...q

Source: Housing Wire