HUD’s latest Housing Scorecard provides a closer look at the trajectory of the housing recovery and how our programs are serving the American people. As we look back on November, we saw significant progress in our nation’s economic recovery take hold. We witnessed America’s businesses adding 314,000 private sector jobs, totaling 10.9 million jobs over the past 57 months—the longest streak on record. This headway translated into some of the positive trends we are witnessing today in the housing market, but it’s clear that many American families and homeowners are still recovering from the Great Recession.
In October, new and existing home sales reached higher levels as foreclosure starts and completions continued to decrease year-over-year:
- Sales of previously owned (existing) homes rose in October to their highest pace in more than a year.
- New home sales inched up again in October from the previous month but were 15.4 percent higher than one year ago. New home sales were last at this pace in May 2014.
- Foreclosure starts and completions rose in October but continued their annual downward trend. Lenders started the public foreclosure process on 56,452 U.S. properties in October, up 12 percent from the previous month but down 4 percent from a year earlier. Lenders repossessed 27,914 U.S. properties in October, up 22 percent from September but down 26 percent from the previous year.
The Administration’s programs continue to help struggling homeowners. More than 8.9 million mortgage modification and other forms of mortgage assistance arrangements were completed between April 2009 and the end of October 2014, including more than 2.2 million homeowner assistance actions through the Making Home Affordable Program, more than 2.5 million through the Federal Housing Administration’s loss mitigation programs, and over 4.2 million proprietary modifications through lenders participating in the HOPE Now Alliance.
Although there is good news overall, the Administration remains committed to helping more Americans realize their dream of home ownership through an improving economy and new programs that will provide greater access to credit.
This is just a brief overview of the November Housing Scorecard. For more information about the health of the housing market and how Administration programs are helping families please visit: www.hud.gov/scorecard.
Katherine O’Regan is the Assistant Secretary for Policy Development & Research.