Help Reaching Struggling Middle Class, Underwater and Minority Homeowners

The January 2011 edition of the Obama Administration’s Housing Scorecard has been released by the U.S. Department of the Treasury.  Figures show increased new and existing home sales as affordability remains high.  Officials caution that the market remains fragile as prices are unsettled.  Foreclosures remained low at the end of the year.

In the past 20 months, the Obama Administration has faced the nation’s housing crisis with unprecedented efforts to promote stability in the market.  HUD assistant Raphael Bostic said, “We know there are many homeowners still fighting to make ends meet.”

This is why everyone is committed to provide help to homeowners with the broad range of programs the Obama Administration has in place.  The data released shows we are reaching middle income homeowners and helping them with real payment relief.  No one can prevent every foreclosure but these programs have helped to create more options and sustainable assistance than ever before.

Each month, the market indicates the impact the Administration’s housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and (HAMP) are shown on the housing scorecard.  The decline is likely to be short lived, as lenders revise and resubmit paperwork in the coming months.  December data shows that, after 12 months, nearly 85% of homeowners remain in a permanent modification.  Homeowners in HAMP permanent modifications have already reduced their mortgage obligation by more than $4.5 billion to date.