In their release of the nation’s housing scorecard for 2011, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury noted mixed signals as foreclosure starts fell but foreclosure completions climbed and as new home sales fell existing home sales climbed. Existing home inventories fell from 3.2 million in Q2 to 2.4 million in the fourth quarter 2011. Noting the continuing fragility of the housing market, the Obama administration says over 5.6 million mortgage modifications were started between April 2009 and Dec. 2011. Further, 930,000 homeowners have received a HAMP (Home Affordable Modification Program) permanent modification which the administration says has saved $10.5 billion in monthly mortgage payments. HUD Assistant Secretary Raphael Bostic says, “We must remain diligent to improve conditions in the nation’s housing market.”
