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HUD   >   Press Room   >   Press Releases   >   2011   >   HUDNo.2011-08-05
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Treasury Public Affairs
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FOR RELEASE
Friday
August 5, 2011

OBAMA ADMINISTRATION RELEASES JULY HOUSING SCORECARD
Report Includes Spotlight on Recovery in the Riverside, CA Housing Market

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the July edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation's housing market. The latest housing data offer continued mixed signals as home prices improved slightly but showed continued strain from foreclosures and distressed homes. Also, as more homeowners secure mortgage relief, fewer borrowers entered the foreclosure pipeline in June. The full report is available online at www.hud.gov/scorecard.

"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. But we have much more work to do to help the market recover and to reach the many households there and across the nation who still face trouble."

"Tens of thousands of additional homeowners are getting real relief from the Administration's programs every month," said Treasury Assistant Secretary for Financial Stability Tim Massad.  "These programs are setting standards across the industry that are yielding more sustainable assistance for homeowners in the face of the worst housing crisis in a generation."

The July Housing Scorecard features key data on the health of the housing market and the impact of the Administration's foreclosure prevention programs, including:

Also featured is the bi-monthly Housing Scorecard Regional Spotlight reporting on market strength in Riverside, CA and surrounding communities. The Riverside metropolitan statistical area (MSA) was among the nation's hardest hit areas following the housing market downturn and a region where the Administration's broad approach to stabilizing the housing market has been very active.

"Our Regional Spotlight shows that after years of rapidly rising home prices fueled in part by widely available – but ultimately unsustainable – adjustable rate mortgages, Riverside neighborhoods suffered a steep drop in property values and many severely underwater mortgages," added Bostic. "However, we also show how the Administration's approach to stabilizing the housing market has been a source of real help to local families – helping more than 131,000 homeowners to avoid foreclosure."

The Housing Scorecard Regional Spotlight features data on the health of the Riverside housing market and impact of efforts to help homeowners at the local level including:

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