Gov’t Housing Report Finds Encouraging Signs

Each month, the U.S. Department of Housing and Urban Development and the U.S. Treasury release a report collecting key housing market data and the results of the federal government’s foreclosure prevention efforts. The Housing Scorecard is a measure of how far the residential real estate market has rebounded since the housing crash and financial crisis. According to the most recent report, there are many reasons for optimism. For example, sales of previously owned homes reached their highest level since September 2013 in March and, though new home sales fell after reaching a 7-year high in February, they are still 19.4 percent higher than they were a year earlier. Home prices have also shown signs of further stabilization and are now approximately where they were in January 2006. Overall, the scorecard paints an encouraging picture, though it cautions that there is still work to be done to help foster home sales, help homeowners that remain underwater, and reduce mortgage delinquency rates. It also notes that there are considerable geographic variations in market conditions. More here.

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