Housing Gains: according to the Obama Administration’s 2013 October Housing Scorecard, the nation’s housing market continues to improve as home prices report annual growth with a double-digit increase in home equity.
According to the S&P/Case-Shiller 20-City Home Price Index referenced by the Administration, home prices were up 12.8% over the past 12 months as of August 2013. This is the highest annual increase since February 2006 and the index’s highest level housing gains since August 2008.
According to Federal Reserve, homeowner’s equity increased by $570 billion during the second quarter of 2013. Homeowner’s have seen their equity rise $3.1 trillion since the beginning of 2012, which currently stands at $9.28 trillion, the highest level housing gains since the fourth quarter of 2007.
To provide security for homeowners the Obama Administration is using housing agency initiatives, mortgage modifications and refinancing to stabilize the housing market and improve housing gains.
For example the Home Affordable Modification Program (HAMP) is designed to help struggling homeowners facing foreclosure. According to the October Housing Scorecard homeowners have saved up to 40% on their mortgage payments using the HAMP program.
According to the Administration the housing market is still fragile while continuing to recover with monthly and annual housing gains.
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