Obama administration’s July scorecard shows mixed trends

The most recent Housing Scorecard from the Obama administration showed mixed feelings.The U.S. Department of Housing and Urban Development recently released its July Housing Scorecard, which revealed mixed signals regarding the country's real estate market in June.During the month, home prices improved slightly, but an increased number of distressed properties continued to strain the national housing sector. Furthermore, a greater number of homeowners began seeking relief, which led to fewer new borrowers entering the market in June.”This month's housing data paint a mixed picture of conditions in the market – despite growing evidence of progress in the broader economy,” said HUD Assistant Secretary Raphael Bostic. “We're continuing to see a slight improvement in home prices and a decline in mortgage defaults as our foreclosure prevention programs reach more borrowers upstream in the process.”However, Bostic explained more must be done to aid the market's recover and help distressed homeowners recover. The report revealed 4.4 percent of prime mortgages were at least 30 days late during the month.The Houston real estate market avoided this national trend of increased foreclosures during June. The Houston Association of Realtors reported that foreclosures in the region represented 18.7 percent of all property sales, which was down from 19.8 percent during May, 22 percent in April and 23.5 percent in March.Courtesy of 2M Realty News

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