Federal housing scorecard: Housing market recovery still fragile

The Department of Housing and Urban Development and the Department of the Treasury this week released the Obama administration’s monthly Housing Scorecard for November. According to a press release, the report indicated that although the housing market remains fragile, home prices continue to stabilize and home affordability is up.

The report noted that both new and existing home sales decreased compared to the first half of 2010, but this was expected following the expiration of the homebuyer tax credit. Mortgage rates for 30-year mortgages remain at historic lows. One million homeowners refinanced during the last quarter, bringing the total number of refinances since April 2009 to 8.3 million.

The scorecard also stated that more than 3.73 million modification arrangements were started between April 2009 and August 2010, more than double the amount of foreclosures completed during that period.