The Department of Housing and Urban Development and the Treasury Department recently released a report, known as the Housing Scorecard which, is set to outline certain housing market recovery initiatives and success that has been seen over the past months. Many homeowners have been struggling and, due to unemployment, the housing market has suffered as well simply because some homeowners either are having trouble making their home loan payments or can no longer afford their mortgage.
However, the housing report for July 2010 stated that low mortgage interest rates have helped homes become more affordable over the past months. Many homeowners have seen historically low interest rates on a 30-year fixed mortgage and, the report states, since April of 2009 these record low mortgage rates have helped over 7 million homeowners refinance their home loan to a more affordable rate.
Foreclosure is something that is also being addressed in the housing market as many homeowners are, again, facing the loss of their home. Reportedly, around 3 million homeowners have obtained some sort of restructuring in their mortgage, which has allowed many homeowners to stay in their home.
Also, the Home Affordable Modification Program has seen continued success as more homeowners are getting both trial and permanent home loan modifications. Over 1 million homeowners are said to have benefited from a home loan modification trial period, but there are concerns that many trial modifications have not resulted in permanent modifications as there have been a high number of cancellations in trials in the Home Affordable Modification Program.
There are some hopeful signs of housing recovery, but many people remain hesitant to declare that recovery of the housing market is on a stable ground. Unemployment will need to be combated heavily before home sales rise and mortgage troubles began to abate, but there is hope that the continued assistance and alternative modification plans that are being offered will keep homeowners in their homes longer.