Tag Archives: HUD

Newly initiated foreclosures are on the decline, reaching their lowest numbers since December 2005 in June, according to the latest Housing Scorecard from the Obama administration. Meanwhile, the administration continues to add to the tally of homeowners helped through its Making Home Affordable Program, bringing the total to more than 1.7 million as of June. Looking forward, the administration says it will focus on forming a new housing finance system.

The number of households owning homes rose a scant 32,000 in the second quarter, but the homeownership rate remained at 65.0 percent, the lowest level in 18 years, the Census Bureau reported Tuesday. At the same time, the Census Bureau data showed the number of new household formations dropped dramatically in the first half of the year, an average of about 500,000 new households per month compared with 1.4 million new households per month in 2012.

The seasonally adjusted annual rate of sales welled 8.3 percent in June to 497,000, according to a report from the Census Bureau and HUD. Economists surveyed by Bloomberg expected June sales to increase to 484,000 from May's originally reported 476,000. The median price of a new home fell 5.0 percent in June to $249,700, the third time the median price has dropped in the last four months. May's median price was revised down to $262,800 from the originally reported $263,900.

Despite soaring builder confidence, new housing permits and starts fell in June, with new construction falling to the lowest level in 10 months, the Census Bureau and HUD reported Wednesday. The seasonally adjusted annual rate of new housing permits tumbled 7.5 percent--the largest month-over-month decline since January 2011--while starts fell 9.9 percent, the second-largest drop since February 2011. Builders completed homes at an annual adjusted pace of 755,000 in June, 6.3 percent more than May's 710,000.

Foreclosures and mortgage delinquencies may be declining, but that doesn't mean the industry should let its guard down. In the Obama Administration's latest housing scorecard, which provides an overview of the housing market based on private and public sector data, officials continued to warn of a ""fragile"" recovery despite improvements. ""[W]e remain cautious because although mortgage delinquencies are trending down, they still remain quite high compared to historic norms,"" said Kurt Usowski, assistant secretary for economic affairs at HUD.

Out of the over 132.4 million housing units in the United States, about 57.5 percent are owner-occupied, while 10 percent are vacant, according to data from the 2011 American Housing Survey released by released Thursday by the Census Bureau and HUD. The survey, which is the most comprehensive housing survey in the United States, revealed another 29.3 percent are occupied by renters. Seasonal units represented the smallest share, at 3.1 percent.

The price of a new single-family home dropped 3.2 percent in May, but sales increased 2.1 percent to 476,000, the highest level in almost five years, the Census Bureau and HUD reported Tuesday. Economists surveyed by Bloomberg expected April sales to increase to 460,000 from April's originally reported 454,000. April sales were revised to 466,000.

Home Equity Conversion Mortgages (HECMs) and reverse mortgages, tools to which many seniors turn to help manage expenses in their later years, can be challenging products to navigate, according to testimonies delivered during a Senate committee hearing Tuesday morning. While the Department of Housing and Urban Development (HUD) considers changes to the HECM program, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to determine the best path forward for the program.

One day after the National Association of Home Builders (NAHB) reported the sharpest boost in builder confidence in seven years, the Census Bureau and HUD reported single-family starts were essentially flat in May, increasing just 0.3 percent. The Census/HUD report Tuesday showed total starts improved 6.8 percent in May, while total permits fell 3.1 percent.

Builder confidence surged eight points in June to 52, its highest reading since March 2006, the National Association of Home Builders (NAHB) reported Monday. It was the first positive (above 50) reading for the association’s Housing Market Index (HMI) since April 2006. Two of the three components of the index--builder assessment of current sales and of sales six months in the future--were also positive. The current sales index rose eight points to 56, and the future sales index jumped nine points to 61.