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White House Releases Housing Scorecards for May
|The White House's May Housing Scorecard reveals improving market factors which indicate the industry is stabilizing and becoming a homeowner remains part of the American Dream.
Wednesday, July 12th, 2012
The White House's May Housing Scorecard reveals improving market factors which indicate the industry is stabilizing and becoming a homeowner remains part of the American Dream.
Data shows sales of existing home sales increased 2.4 percent in April and were up in every region of the country. Additionally, the inventory of newly constructed houses increased for the first time since April 2007. Since sales grew quicker than inventory levels, the supply of homes on the market fell to 5.1 months from 5.2 months in March and a peak of 12.2 months in January 2009.
While the number of distressed homes for sale in Florida and other parts of the country have continued to hinder home prices, increased sales have offered buyers high affordability, and a lower inventory of foreclosures and short sales will allow prices to rise.
Government programs that benefit current homeowners facing foreclosure are continuing to help provide relief after the housing market crisis. While some potential buyers may be concerned about the future of the market, stricter lending standards and other changes to mortgage procedures are in place to prevent that from happening in the future.
According to the scorecard, more than 1.1 million homeowner assistance actions have taken place through the Making Home Affordable Program, while the Federal Housing Administration has offered more than 1.3 million loss mitigation and early foreclosure interventions.
The White House also notes that the National Association of Realtors' Housing Affordability Index continues to be considerably higher than a year ago, when it reached 184.1. In the last quarter of 2011, it was 207.9, and it remains over 200 this period.