Jumat, 24 Desember 2010

Historic Paint Colors for the Victorian Home: Part One

Special Offer on Color Consults!

Just $199 for a limited time only.

$100 discount on all exterior paint consults
for the 2013 painting season.

Click HERE for details or visit the Historic Design Consulting Website  today!

To view part two of the Victorian Paint Colors post, click here!
I was asked recently if I used colors from the historic color palettes of major paint manufactures such as Sherwin Williams during my paint consults.  My answer was no.  In  fact, I really don't know much about these "historic" lines of paint colors because I have never had much use for them.   

Unlike many of today's colorists and consultants, I do not rely on someone else to research historic paint colors and select which ones I might want to use.  Instead, I do the research myself and use the same tools that homeowners did in the 19th century.  This includes a collection of original advertising brochures with sample paint chips.

Below is a ca. 1900 paint brochure from the Masury Paint Company with a few of its sample chips:

Here is another, somewhat older example from the Breinig's Ready Made Paint Company:


When helping my clients select interior and exterior color schemes I start with the colors found in brochures and other period documents.  I then match my selections to chips in the fan-book of a modern paint manufacturer.  My client then can easily go to their local supplier and have them mix as much paint as needed.

Why go to all of this effort to pick out a few paint colors?  My specialty is providing paint schemes for historic homes that are appropriate for the era when they were built.  Although several modern paint manufacturers advertise a "historic" palette, they often only offer paint colors they consider most suitable to current tastes.  This means some historic shades and tones might be left out.  By relying on period documents I can be sure that my selections are accurate and faithful to Victorian tastes. 

For information about a color consultation for your own home check out the Historic Design Consulting website.

To view part two of the Victorian Paint Colors post, click here!


Sabtu, 11 Desember 2010

Handmade Step Back Cupboard

Each year The Landing holds an event called Early Minnesota Trades when the site invites a number of people to demonstrate authentic 19th century manual trades and crafts. For the past three years my fellow woodworker at The Landing, Kevin Alto, and I have been joined by our fellow members of the Society of American Period Furniture Makers to make a woodworking project.  This year, under the direction of our fearless SAPFM leader Mike Siemsen of the Siemsen School of Woodworking, we built a typical, 19th century step-back cupboard resembling those once found in farmhouses across the country. It proved to be quite an undertaking for a weekend’s worth of work but we are all pleased with the results.

It seems every workshop needs more space to stow tools and help keep workbenches clear.  In our case we needed a place to put wood planes where they are easily accessible and can be viewed by visitors.  We also wanted a place to hide 21st century items like water bottles, nylon bags and our good friend Dave Winter’s Dremel (Dave is the site’s old- time instrument repairman and wood carver).  Our new cupboard fits the bill quite well.

 The cupboard is made of white pine using the usual dovetailed case construction.  The face frame was made using mortise and tenon joints and attached with glue and square pegs.  The shelves are set and nailed in dadoes and the back fitted with  1x4 ship-lap boards. 


Since high-style furniture would be out of place in a workshop, our cupboard is rather plain but does feature a bit of stylish ornament.  It is topped off with a nice crown consisting of a graceful cove and bead.  The bottom is fitted with a dovetailed skirt with an cove planed along its top.  Kevin and I finished our new piece with a couple coats of milk paint.


Like all our projects at the Landing the cupboard was made by hand using tools and 19th century techniques.   This gives our furniture a distinctive look that sets it apart from modern, machine made furniture.

Minggu, 05 Desember 2010

Why Use Hot Hide Glue?

Years ago in elementary school I remember being warned not to eat my glue because it was made out of horse’s hooves. I thought this was an odd thing to tell someone since I couldn't imagine any reason to eat glue in the first place regardless of what it might be made of. Many years later I learned that my classmates weren’t quite correct.   We used good old Elmer’s white glue, or polyvinyl acetate (also called PVA), which is a chemist’s concoction and contained no hooves. However, there was a time glue was indeed made from hooves, skins and other bits of connective tissue so I suppose my classmates weren’t completely off-base.

Today I use traditional hot hide glue almost exclusively both because it’s use is historically accurate to the 19th century and because it has several advantages over modern PVAs, polyurethanes and epoxies. It is reversible, cleans up easily, is non-toxic and essential for repairing antique furniture.

Hide glue is rendered from connective tissue and other parts of animals that contain lots of the protein collagen. The treated hides and other parts are boiled in large vats of water, the nasty scum skimmed away and the reaming accumulation collected and dried. During the 19th century the glue was usually shipped in small blocks but today is broken up and sold in granular form. I keep mine sealed in an air-tight container: an old mason jar.






Here is some granular hide glue up close. Since hide glue can be re-heated and re-used it once was the responsibility of the shop apprentice to gather up all the waste bits of glue and return them to the glue pot so nothing would be wasted.






The granular glue is soaked in cold water over night until the water is absorbed. The usual ratio of glue to water is one part glue to two parts water. Thicker or thinner glues can be cooked for certain occasions. I use a cast iron glue pot which is actually two pots in one: a smaller pot which holds the glue/water mixture and an outer jacket pot that holds water and functions like a double boiler.

I place the glue pot on our shop's wood stove until it reaches about 150 degrees. Despite being made from the skin and tendons of farm animals the hot glue has almost no odor.





Once the glue reaches the correct temperature it will become viscous, have the consistency of egg whites and can easily be applied with a brush.





One disadvantage of hide glue is its short open time. That means it sets up quickly so large glue-ups must be planned and executed quickly. Here I am doing a simple glue-up of a small table top. I apply the glue liberally to both surfaces with a glue brush. It is important to use plenty of glue and not to clamp so firmly that all of the glue is squeezed out. Sometimes urea was added to the glue to increase the open time (it is also added to liquid hide glue which you can buy in bottles) but this can weaken the glue if too much is used.

I sometimes clamp when using hide glue (especially when its cold) because it can thicken and gell so you don't get a tight joint. In this case I rubbed the joint until it just began to stick and then quickly clamped the pieces. As you can see it can be a messy process but excess glue can easily be softened with a damp cloth and and then scraped away with a knife. I have dedicated an old, dinged-up chisel to the task of scraping away the gluey mess. Be sure the surfaces are warm. If they are too cool the glue will shock, or gell, and the joint will not be tight.

So, why use hide glue? Its greatest advantage is that it is reversible. Heat and warm water remove spills and messes. Reversibility is particularly important when restoring or conserving antique furniture because any work that you do can be undone later on with no damage to the piece. Epoxies, PVA and and polyeurathane glues often cannot be satisfactorily removed and can leave residue. This residue cannot be dissolved by fresh glue meaning later glue-ups might not adhere to the old glue and result in a weak joint. Old hide glue can be scraped away quite easily or reactivated with heat or fresh hot hide glue. It is very strong and (depending on the grade of glue) creates a bond that rivals that of modern epoxies. It is also compatible with stains and finishes. Since modern glues can leave residue in wood pores there are often spots and blotches when finishing. Hide glue can even adhere to glass!

Like all glues, it does have some weaknesses. It is not resistant to water, although some additives can be mixed in to make somewhat more resistant. It does not fill gaps well, meaning close-fitting joints are essential. I am convinced that most of hide glue's poor reputation comes from failures attributable to poorly fitting joints rather than problems with the glue itself. Left-over glue will deteriorate quickly if left in the pot so it is best to make just enough for your project and throw the remainder away if not used within a few days.

Even though it is all-natural and non-toxic I cannot recommend eating hide glue. But, if on a dare, make sure it is hot hide glue and not the stuff in the bottle. I hate to think where the urea might come from that is added to keep it liquid. Bon appetit!

Rabu, 17 November 2010

Price Reductions

Nearly half of homes on the market had experienced a price reduction at least once in October, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty.




Sellers had cut asking prices on 48.4 percent of listings last month -- a total of 316,097 homes. The number of discounted homes fell 2.2 percent from September but rose 22.4 percent compared to October 2009. (Note: October 2009's figures include a 27th market: Sacramento). Homes had been reduced an average of two times, essentially flat from the same time last year.



Sellers discounted homes for a median $19,423, up 1.4 percent from September, but down 21.4 percent from October 2009. The median list price for homes last month was $241,309, down 1.6 percent month-to-month and 14.3 percent year-over-year.



The ratio of price-reduction amount to list price was 7.5 percent, up from 7.3 percent in September but down from 8.1 percent in October 2009.



Total for-sale inventory fell 3.3 percent month-to-month but rose 10.1 percent year-over-year to 653,811, ZipRealty reported.



In 12 out of 26 markets, more than half of sellers had slashed listing prices: Philadelphia, Pa.; Austin, Texas; Seattle, Wash.; Boston, Mass; Orange County, Calif.; Baltimore, Md.; Tucson, Ariz.; Chicago, Ill.; Orlando, Fla.; Minneapolis/St. Paul, Minn.; Jacksonville, Fla.; and Phoenix, Ariz.



By contrast, only three of 27 markets had seen more than half of their listings discounted in October 2009: Chicago, Jacksonville and Orlando.



For the first time in 2010, Phoenix led the pack last month with 56.1 percent of listings experiencing discounts. Denver, Colo. had the smallest share of discounted listings: 34 percent.



Source: Inman News

Jumat, 12 November 2010

Comparable sales in New Bern

In the last week there 16 closings in our MLS.
In the same time frame one year ago there were 21 closings. This represents a decrease of almost 24%.

For the entire year sales are just about the same as last year.

New home sales for the year are about the same as last year. The new home inventory is slowly but surely working its way down. Currently there is about a 11 month inventory of new homes on the market. A stable market is generally defined as a 6 month inventory.

Selasa, 09 November 2010

Good news for interest rates

Bankrate: Mortgage Rates Return to Record Low Territory


RISMEDIA, November 9, 2010--Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent.



Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn't alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security.



The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now.



SURVEY RESULTS



•30-year fixed: 4.42% -- down from 4.51% last week (avg. points: 0.37)

•15-year fixed: 3.81% -- down from 3.90% last week (avg. points: 0.28)

•5/1 ARM: 3.57% -- down from 3.67% last week (avg. points: 0.34)

Minggu, 07 November 2010

October Housing Report

The Administration’s goal is to promote stability for both the housing

market and homeowners. To meet these objectives in the context of

a very challenging market, the Administration developed a broad

approach implementing state and local housing agency initiatives, tax

credits for homebuyers, neighborhood stabilization and community

development programs, mortgage modifi cations and refi nancing,

continued Federal Housing Administration (FHA) engagement, and

support for Fannie Mae and Freddie Mac. In addition, Federal

Reserve and Treasury MBS purchase programs have helped to keep

mortgage interest rates at record lows over the past year. More detail

on the Administration’s efforts can be found in the Appendix.

October 2010 Scorecard on Administration’s

Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after

taking offi ce in February 2009. The October 2010 housing scorecard

includes the following key indicators of market health and results of the

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates in

history on 30-year fixed mortgages. Since April of 2009,

record low rates have helped more than 7.1 million homeowners

to refi nance, resulting in more stable home prices and $12.7

billion in total borrower savings.

• As expected with the expiration of the Homebuyer Tax

Credit, new and existing home sales remained below

levels seen in the first half of 2010. At the same time, home

prices remained level in the past year after 33 straight months of

decline and homeowners added $95 billion in home equity in the

second quarter.

• More than 3.52 million modification arrangements were

started between April 2009 and the end of August 2010

—nearly triple the number of foreclosure completions

during that time. These included more than 1.3 million trial

Home Affordable Modifi cation Program (HAMP) modifi cation

starts, more than 510,000 Federal Housing Administration (FHA)

loss mitigation and early delinquency interventions, and more

than 1.6 million proprietary modifi cations under HOPE Now.

While some homeowners may have received help from more than

one program, the number of agreements offered nearly tripled

foreclosure completions for the same period (1.3 million).

• At nine months, almost 90 percent of homeowners

remain in their permanent HAMP modification, with 11

percent defaulted. Early data indicate that HAMP permanent

modifi cations are performing well over time, with lower

delinquency rates than those reported by the industry at large.

At nine months, less than 16 percent of permanent modifi cations

are 60+ days delinquent. To view the September HAMP Servicer

Performance Report, visit: http://www.fi nancialstability.gov/

docs/Sept%20MHA%20Public%202010.pdf

Data in the scorecard also show that the recovery in the housing

market continues to remain fragile, for example, foreclosure

completions continue to move upward and a large supply of homes

are being held off the market. While the recovery will take place over

time, the Administration remains committed to its efforts to prevent

avoidable foreclosures and stabilize the housing market.

The impact of recent new and expanded resources is expected to

contribute to progress captured in future Housing Scorecards. For

example, in July the Federal Housing Administration (FHA) announced

a short refi nance option targeted to help people who owe more on

their mortgage than their home is worth because their local markets

saw large declines in home values. The option will allow certain

underwater non-FHA borrowers – those current on their existing

mortgage and whose lenders agree to write off at least 10 percent of

the unpaid principal balance of the fi rst mortgage – the opportunity to

qualify for a new FHA-insured mortgage.

U.S. Department of Housing and Urban Development
Office of Policy Development and Research

e Obama Administration’s E orts

To Stabilize e Housing Market

and Help American Homeowners

October 2010

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













House Prices Show Signs Of Stabilizing










  
     ­€‚

ƒ 
 ‚

  

 „… †


























Existing And New Home Sales









     
 ­€

‚

ƒ €

„… ƒ  †


‡ …

ˆ  †


ƒ …









Existing Homes On e Market Below Peak, But Number Of

Units Held Off e Market Has Increased









  
    
­  




€ ‚


ƒ  „
…




 
­



 
­



‡ˆˆ

‡‰

‡ ˆ

‡†

‰ˆˆ

‰‰

‰ˆˆ ‰ˆˆ ‰ˆˆ ‰ˆˆŠ ‰ˆˆ† ‰ˆˆ‹ ‰ˆˆŒ ‰ˆ‡ˆ ‰ˆ‡‡ ‰ˆ‡‰ ‰ˆ‡

Expectations On House Prices Have Shifted Up From 2009

Ž ‘ƒ ’ “


” 
• 
– — ‰ˆˆˆ ˜ ‡ˆˆ




™ 
š …

‚ ‰” 
  “
›…


• 


— ‰ˆˆŒ


• 


 ‰ˆ‡ˆ

Ž ‘ƒ ’ “






U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury
















Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures

 


         ­   €

‚ ƒ  
 ‚ „ …   ‚ † …      

‡ ‚ˆ   ‰ Š ‹    ‚ †     Œ ‹ ‰

Ž    ‘ 




 …          ‡ ‰ Ž  















Ž





























Mortgage Rates Fall To Record Low And Affordability Index Remains High










  







  



­€  



‚ ƒ




 †
‡  ˆ

‚  ‰











Foreclosure Starts And Completions Remain Elevated










 


 
  
­


€ ­ € ‚ ƒ € €


€ 

  … † ­ ­













 ­













ƒ



7.1 Million Homeowners Have Refinanced Since April 1, 2009

ˆ ‰   Š €€

€ €



  ‹ Œ



Ž‘’

 


U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













Homeowners Save From Reduced Mortgage Payments



  

      

­   ­ € ‚

ƒ   € „ € …   € †‡‚

ˆ ‰€   Š ‚









Œ









Home Equity Up More an $1 Trillion Since First Quarter 2009

Ž‘ ’ “”  Š “ “
 „ 

ƒ …
 ‚

















FHA Supports Mortgage Lending During Crisis

… Š
  Ž – „ ­  

Š  — –

ƒ   †‡‚

ˆ Œ€   Š ‚















Housing Counselors Serve Millions Of Families


 Š — ­ €   

ƒ †‡‚

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10

Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10

Home Prices (indices)

Case Shiller (NSA)

FHFA (SA)

148.9

192.4

148.0

193.4

144.3

198.9

150.5

198.9

July-10

July-10

Home Sales (thousands, SA)

New

Existing

First Time Buyers

24.0

344.2

173.0 (p)

24.0

320.0

161.7

33.8

425.0

215.6

31.4

395.0

174.8

August-10

August-10

August-10

Housing Supply

Existing Homes for Sale (thousands, NSA)

Existing Homes - Months’ Supply (months)

New Homes for Sale (thousands, SA)

New Homes for Sale - Months’ Supply (months,SA)

Vacant Units Held Off Market (thousands)

3,982

11.6

206

8.6

3,743

4,007

12.5

209

8.7

3,628

3,924

9.2

262

7.8

3,501

3,700

9.4

353

11.2

3,508

August-10

August-10

August-10

August-10

2nd Q 10

Mortgage Originations (thousands)

Refi nance Originations

Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

47.4

63.5

44.5

(p)

(p)

(p)

51.7

67.2

44.9

(r)

(r)

(r)

60.6

103.4

84.6

62.9

72.7

56.2

September-10

September-10

September-10

Mortgage Delinquency Rates (percent)

Prime

Subprime

FHA

5.2

36.4

12.4

5.2

36.2

12.5

5.8

36.3

14.7

4.4

34.1

14.3

September-10

September-10

August-10

Seriously Delinquent Mortgages (thousands)

Prime

Subprime

FHA

1747.0

1974.9

558.0

1,782.3

1,960.6

559.6

1760.7

1964.6

453.0

912.8

1,642.1

333.1

September-10

September-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short Sales

102.4

142.9

102.1

18.7 (p)

96.5

147.0

95.4

29.1

122.2

133.7

87.8

22.9

121.5

103.0

78.9

13.8

September-10

September-10

September-10

July-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

35.3

27.8

56.4

115.8

26.6

33.3

39.2

120.4

1,369.4

495.9

568.1

1,675.6

September-10

September-10

September-10

August-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b)

(b)

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations

and Freddie Mac monthly savings estimates.

HUD estimate of annualized savings based on Treasury reported active HAMP permanent

modifi cations and median monthly savings estimates.

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a

family with the median income has exactly enough income to qualify for a mortgage on a

median-priced home. An index above 100 signifi es that family earning the median income

has more than enough income to qualify.

Home Prices

Case-Shiller (NSA)

FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100.

Home Sales (SA)

New

Existing

First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered

sold when either a sales contract has been signed or a deposit accepted, even if this occurs

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,

townhomes, condominiums and co-ops, are based on transaction closings. This differs

from the U.S. Census Bureau’s series on new single-family home sales, which are based on

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

Existing Homes for Sale (NSA)

Existing Homes - Months’ Supply

New Homes for Sale (SA)

New Homes for Sale - Months’ Supply (SA)

Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations

Refi nance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association

and HUD

Mortgage Bankers Association

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance

originations.

HUD estimate of home purchase originations based on MBA estimate of dollar volume of

home purchase originations.

FHA Originations

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

Prime

Subprime

FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages

Prime

Subprime

FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to

the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January

2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by

Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned

(REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure

Actions” above.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in

“Mortgage Originations” above.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration

has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage

backed securities through independent MBS purchase programs, helping to keep mortgage rates at

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing tax

credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable

mortgage capital and help homeowners prevent foreclosures.

###

AppendixThe Administration’s goal is to promote stability for both the housing


market and homeowners. To meet these objectives in the context of

a very challenging market, the Administration developed a broad

approach implementing state and local housing agency initiatives, tax

credits for homebuyers, neighborhood stabilization and community

development programs, mortgage modifi cations and refi nancing,

continued Federal Housing Administration (FHA) engagement, and

support for Fannie Mae and Freddie Mac. In addition, Federal

Reserve and Treasury MBS purchase programs have helped to keep

mortgage interest rates at record lows over the past year. More detail

on the Administration’s efforts can be found in the Appendix.

October 2010 Scorecard on Administration’s

Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after

taking offi ce in February 2009. The October 2010 housing scorecard

includes the following key indicators of market health and results of the

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates in

history on 30-year fixed mortgages. Since April of 2009,

record low rates have helped more than 7.1 million homeowners

to refi nance, resulting in more stable home prices and $12.7

billion in total borrower savings.

• As expected with the expiration of the Homebuyer Tax

Credit, new and existing home sales remained below

levels seen in the first half of 2010. At the same time, home

prices remained level in the past year after 33 straight months of

decline and homeowners added $95 billion in home equity in the

second quarter.

• More than 3.52 million modification arrangements were

started between April 2009 and the end of August 2010

—nearly triple the number of foreclosure completions

during that time. These included more than 1.3 million trial

Home Affordable Modifi cation Program (HAMP) modifi cation

starts, more than 510,000 Federal Housing Administration (FHA)

loss mitigation and early delinquency interventions, and more

than 1.6 million proprietary modifi cations under HOPE Now.

While some homeowners may have received help from more than

one program, the number of agreements offered nearly tripled

foreclosure completions for the same period (1.3 million).

• At nine months, almost 90 percent of homeowners

remain in their permanent HAMP modification, with 11

percent defaulted. Early data indicate that HAMP permanent

modifi cations are performing well over time, with lower

delinquency rates than those reported by the industry at large.

At nine months, less than 16 percent of permanent modifi cations

are 60+ days delinquent. To view the September HAMP Servicer

Performance Report, visit: http://www.fi nancialstability.gov/

docs/Sept%20MHA%20Public%202010.pdf

Data in the scorecard also show that the recovery in the housing

market continues to remain fragile, for example, foreclosure

completions continue to move upward and a large supply of homes

are being held off the market. While the recovery will take place over

time, the Administration remains committed to its efforts to prevent

avoidable foreclosures and stabilize the housing market.

The impact of recent new and expanded resources is expected to

contribute to progress captured in future Housing Scorecards. For

example, in July the Federal Housing Administration (FHA) announced

a short refi nance option targeted to help people who owe more on

their mortgage than their home is worth because their local markets

saw large declines in home values. The option will allow certain

underwater non-FHA borrowers – those current on their existing

mortgage and whose lenders agree to write off at least 10 percent of

the unpaid principal balance of the fi rst mortgage – the opportunity to

qualify for a new FHA-insured mortgage.

U.S. Department of Housing and Urban Development
Office of Policy Development and Research

e Obama Administration’s E orts

To Stabilize e Housing Market

and Help American Homeowners

October 2010

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













House Prices Show Signs Of Stabilizing










  
     ­€‚

ƒ 
 ‚

  

 „… †


























Existing And New Home Sales









     
 ­€

‚

ƒ €

„… ƒ  †


‡ …

ˆ  †


ƒ …









Existing Homes On e Market Below Peak, But Number Of

Units Held Off e Market Has Increased









  
    
­  




€ ‚


ƒ  „
…




 
­



 
­



‡ˆˆ

‡‰

‡ ˆ

‡†

‰ˆˆ

‰‰

‰ˆˆ ‰ˆˆ ‰ˆˆ ‰ˆˆŠ ‰ˆˆ† ‰ˆˆ‹ ‰ˆˆŒ ‰ˆ‡ˆ ‰ˆ‡‡ ‰ˆ‡‰ ‰ˆ‡

Expectations On House Prices Have Shifted Up From 2009

Ž ‘ƒ ’ “


” 
• 
– — ‰ˆˆˆ ˜ ‡ˆˆ




™ 
š …

‚ ‰” 
  “
›…


• 


— ‰ˆˆŒ


• 


 ‰ˆ‡ˆ

Ž ‘ƒ ’ “






U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury
















Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures

 


         ­   €

‚ ƒ  
 ‚ „ …   ‚ † …      

‡ ‚ˆ   ‰ Š ‹    ‚ †     Œ ‹ ‰

Ž    ‘ 




 …          ‡ ‰ Ž  















Ž





























Mortgage Rates Fall To Record Low And Affordability Index Remains High










  







  



­€  



‚ ƒ




 †
‡  ˆ

‚  ‰











Foreclosure Starts And Completions Remain Elevated










 


 
  
­


€ ­ € ‚ ƒ € €


€ 

  … † ­ ­













 ­













ƒ



7.1 Million Homeowners Have Refinanced Since April 1, 2009

ˆ ‰   Š €€

€ €



  ‹ Œ



Ž‘’

 


U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













Homeowners Save From Reduced Mortgage Payments



  

      

­   ­ € ‚

ƒ   € „ € …   € †‡‚

ˆ ‰€   Š ‚









Œ









Home Equity Up More an $1 Trillion Since First Quarter 2009

Ž‘ ’ “”  Š “ “
 „ 

ƒ …
 ‚

















FHA Supports Mortgage Lending During Crisis

… Š
  Ž – „ ­  

Š  — –

ƒ   †‡‚

ˆ Œ€   Š ‚















Housing Counselors Serve Millions Of Families


 Š — ­ €   

ƒ †‡‚

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10

Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10

Home Prices (indices)

Case Shiller (NSA)

FHFA (SA)

148.9

192.4

148.0

193.4

144.3

198.9

150.5

198.9

July-10

July-10

Home Sales (thousands, SA)

New

Existing

First Time Buyers

24.0

344.2

173.0 (p)

24.0

320.0

161.7

33.8

425.0

215.6

31.4

395.0

174.8

August-10

August-10

August-10

Housing Supply

Existing Homes for Sale (thousands, NSA)

Existing Homes - Months’ Supply (months)

New Homes for Sale (thousands, SA)

New Homes for Sale - Months’ Supply (months,SA)

Vacant Units Held Off Market (thousands)

3,982

11.6

206

8.6

3,743

4,007

12.5

209

8.7

3,628

3,924

9.2

262

7.8

3,501

3,700

9.4

353

11.2

3,508

August-10

August-10

August-10

August-10

2nd Q 10

Mortgage Originations (thousands)

Refi nance Originations

Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

47.4

63.5

44.5

(p)

(p)

(p)

51.7

67.2

44.9

(r)

(r)

(r)

60.6

103.4

84.6

62.9

72.7

56.2

September-10

September-10

September-10

Mortgage Delinquency Rates (percent)

Prime

Subprime

FHA

5.2

36.4

12.4

5.2

36.2

12.5

5.8

36.3

14.7

4.4

34.1

14.3

September-10

September-10

August-10

Seriously Delinquent Mortgages (thousands)

Prime

Subprime

FHA

1747.0

1974.9

558.0

1,782.3

1,960.6

559.6

1760.7

1964.6

453.0

912.8

1,642.1

333.1

September-10

September-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short Sales

102.4

142.9

102.1

18.7 (p)

96.5

147.0

95.4

29.1

122.2

133.7

87.8

22.9

121.5

103.0

78.9

13.8

September-10

September-10

September-10

July-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

35.3

27.8

56.4

115.8

26.6

33.3

39.2

120.4

1,369.4

495.9

568.1

1,675.6

September-10

September-10

September-10

August-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b)

(b)

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations

and Freddie Mac monthly savings estimates.

HUD estimate of annualized savings based on Treasury reported active HAMP permanent

modifi cations and median monthly savings estimates.

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a

family with the median income has exactly enough income to qualify for a mortgage on a

median-priced home. An index above 100 signifi es that family earning the median income

has more than enough income to qualify.

Home Prices

Case-Shiller (NSA)

FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100.

Home Sales (SA)

New

Existing

First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered

sold when either a sales contract has been signed or a deposit accepted, even if this occurs

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,

townhomes, condominiums and co-ops, are based on transaction closings. This differs

from the U.S. Census Bureau’s series on new single-family home sales, which are based on

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

Existing Homes for Sale (NSA)

Existing Homes - Months’ Supply

New Homes for Sale (SA)

New Homes for Sale - Months’ Supply (SA)

Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations

Refi nance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association

and HUD

Mortgage Bankers Association

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance

originations.

HUD estimate of home purchase originations based on MBA estimate of dollar volume of

home purchase originations.

FHA Originations

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

Prime

Subprime

FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages

Prime

Subprime

FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to

the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January

2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by

Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned

(REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure

Actions” above.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in

“Mortgage Originations” above.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration

has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage

backed securities through independent MBS purchase programs, helping to keep mortgage rates at

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing tax

credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable

mortgage capital and help homeowners prevent foreclosures.

###

AppendixThe Administration’s goal is to promote stability for both the housing


market and homeowners. To meet these objectives in the context of

a very challenging market, the Administration developed a broad

approach implementing state and local housing agency initiatives, tax

credits for homebuyers, neighborhood stabilization and community

development programs, mortgage modifi cations and refi nancing,

continued Federal Housing Administration (FHA) engagement, and

support for Fannie Mae and Freddie Mac. In addition, Federal

Reserve and Treasury MBS purchase programs have helped to keep

mortgage interest rates at record lows over the past year. More detail

on the Administration’s efforts can be found in the Appendix.

October 2010 Scorecard on Administration’s

Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after

taking offi ce in February 2009. The October 2010 housing scorecard

includes the following key indicators of market health and results of the

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates in

history on 30-year fixed mortgages. Since April of 2009,

record low rates have helped more than 7.1 million homeowners

to refi nance, resulting in more stable home prices and $12.7

billion in total borrower savings.

• As expected with the expiration of the Homebuyer Tax

Credit, new and existing home sales remained below

levels seen in the first half of 2010. At the same time, home

prices remained level in the past year after 33 straight months of

decline and homeowners added $95 billion in home equity in the

second quarter.

• More than 3.52 million modification arrangements were

started between April 2009 and the end of August 2010

—nearly triple the number of foreclosure completions

during that time. These included more than 1.3 million trial

Home Affordable Modifi cation Program (HAMP) modifi cation

starts, more than 510,000 Federal Housing Administration (FHA)

loss mitigation and early delinquency interventions, and more

than 1.6 million proprietary modifi cations under HOPE Now.

While some homeowners may have received help from more than

one program, the number of agreements offered nearly tripled

foreclosure completions for the same period (1.3 million).

• At nine months, almost 90 percent of homeowners

remain in their permanent HAMP modification, with 11

percent defaulted. Early data indicate that HAMP permanent

modifi cations are performing well over time, with lower

delinquency rates than those reported by the industry at large.

At nine months, less than 16 percent of permanent modifi cations

are 60+ days delinquent. To view the September HAMP Servicer

Performance Report, visit: http://www.fi nancialstability.gov/

docs/Sept%20MHA%20Public%202010.pdf

Data in the scorecard also show that the recovery in the housing

market continues to remain fragile, for example, foreclosure

completions continue to move upward and a large supply of homes

are being held off the market. While the recovery will take place over

time, the Administration remains committed to its efforts to prevent

avoidable foreclosures and stabilize the housing market.

The impact of recent new and expanded resources is expected to

contribute to progress captured in future Housing Scorecards. For

example, in July the Federal Housing Administration (FHA) announced

a short refi nance option targeted to help people who owe more on

their mortgage than their home is worth because their local markets

saw large declines in home values. The option will allow certain

underwater non-FHA borrowers – those current on their existing

mortgage and whose lenders agree to write off at least 10 percent of

the unpaid principal balance of the fi rst mortgage – the opportunity to

qualify for a new FHA-insured mortgage.

U.S. Department of Housing and Urban Development
Office of Policy Development and Research

e Obama Administration’s E orts

To Stabilize e Housing Market

and Help American Homeowners

October 2010

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













House Prices Show Signs Of Stabilizing










  
     ­€‚

ƒ 
 ‚

  

 „… †


























Existing And New Home Sales









     
 ­€

‚

ƒ €

„… ƒ  †


‡ …

ˆ  †


ƒ …









Existing Homes On e Market Below Peak, But Number Of

Units Held Off e Market Has Increased









  
    
­  




€ ‚


ƒ  „
…




 
­



 
­



‡ˆˆ

‡‰

‡ ˆ

‡†

‰ˆˆ

‰‰

‰ˆˆ ‰ˆˆ ‰ˆˆ ‰ˆˆŠ ‰ˆˆ† ‰ˆˆ‹ ‰ˆˆŒ ‰ˆ‡ˆ ‰ˆ‡‡ ‰ˆ‡‰ ‰ˆ‡

Expectations On House Prices Have Shifted Up From 2009

Ž ‘ƒ ’ “


” 
• 
– — ‰ˆˆˆ ˜ ‡ˆˆ




™ 
š …

‚ ‰” 
  “
›…


• 


— ‰ˆˆŒ


• 


 ‰ˆ‡ˆ

Ž ‘ƒ ’ “






U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury
















Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures

 


         ­   €

‚ ƒ  
 ‚ „ …   ‚ † …      

‡ ‚ˆ   ‰ Š ‹    ‚ †     Œ ‹ ‰

Ž    ‘ 




 …          ‡ ‰ Ž  















Ž





























Mortgage Rates Fall To Record Low And Affordability Index Remains High










  







  



­€  



‚ ƒ




 †
‡  ˆ

‚  ‰











Foreclosure Starts And Completions Remain Elevated










 


 
  
­


€ ­ € ‚ ƒ € €


€ 

  … † ­ ­













 ­













ƒ



7.1 Million Homeowners Have Refinanced Since April 1, 2009

ˆ ‰   Š €€

€ €



  ‹ Œ



Ž‘’

 


U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













Homeowners Save From Reduced Mortgage Payments



  

      

­   ­ € ‚

ƒ   € „ € …   € †‡‚

ˆ ‰€   Š ‚









Œ









Home Equity Up More an $1 Trillion Since First Quarter 2009

Ž‘ ’ “”  Š “ “
 „ 

ƒ …
 ‚

















FHA Supports Mortgage Lending During Crisis

… Š
  Ž – „ ­  

Š  — –

ƒ   †‡‚

ˆ Œ€   Š ‚















Housing Counselors Serve Millions Of Families


 Š — ­ €   

ƒ †‡‚

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10

Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10

Home Prices (indices)

Case Shiller (NSA)

FHFA (SA)

148.9

192.4

148.0

193.4

144.3

198.9

150.5

198.9

July-10

July-10

Home Sales (thousands, SA)

New

Existing

First Time Buyers

24.0

344.2

173.0 (p)

24.0

320.0

161.7

33.8

425.0

215.6

31.4

395.0

174.8

August-10

August-10

August-10

Housing Supply

Existing Homes for Sale (thousands, NSA)

Existing Homes - Months’ Supply (months)

New Homes for Sale (thousands, SA)

New Homes for Sale - Months’ Supply (months,SA)

Vacant Units Held Off Market (thousands)

3,982

11.6

206

8.6

3,743

4,007

12.5

209

8.7

3,628

3,924

9.2

262

7.8

3,501

3,700

9.4

353

11.2

3,508

August-10

August-10

August-10

August-10

2nd Q 10

Mortgage Originations (thousands)

Refi nance Originations

Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

47.4

63.5

44.5

(p)

(p)

(p)

51.7

67.2

44.9

(r)

(r)

(r)

60.6

103.4

84.6

62.9

72.7

56.2

September-10

September-10

September-10

Mortgage Delinquency Rates (percent)

Prime

Subprime

FHA

5.2

36.4

12.4

5.2

36.2

12.5

5.8

36.3

14.7

4.4

34.1

14.3

September-10

September-10

August-10

Seriously Delinquent Mortgages (thousands)

Prime

Subprime

FHA

1747.0

1974.9

558.0

1,782.3

1,960.6

559.6

1760.7

1964.6

453.0

912.8

1,642.1

333.1

September-10

September-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short Sales

102.4

142.9

102.1

18.7 (p)

96.5

147.0

95.4

29.1

122.2

133.7

87.8

22.9

121.5

103.0

78.9

13.8

September-10

September-10

September-10

July-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

35.3

27.8

56.4

115.8

26.6

33.3

39.2

120.4

1,369.4

495.9

568.1

1,675.6

September-10

September-10

September-10

August-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b)

(b)

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations

and Freddie Mac monthly savings estimates.

HUD estimate of annualized savings based on Treasury reported active HAMP permanent

modifi cations and median monthly savings estimates.

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a

family with the median income has exactly enough income to qualify for a mortgage on a

median-priced home. An index above 100 signifi es that family earning the median income

has more than enough income to qualify.

Home Prices

Case-Shiller (NSA)

FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100.

Home Sales (SA)

New

Existing

First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered

sold when either a sales contract has been signed or a deposit accepted, even if this occurs

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,

townhomes, condominiums and co-ops, are based on transaction closings. This differs

from the U.S. Census Bureau’s series on new single-family home sales, which are based on

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

Existing Homes for Sale (NSA)

Existing Homes - Months’ Supply

New Homes for Sale (SA)

New Homes for Sale - Months’ Supply (SA)

Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations

Refi nance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association

and HUD

Mortgage Bankers Association

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance

originations.

HUD estimate of home purchase originations based on MBA estimate of dollar volume of

home purchase originations.

FHA Originations

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

Prime

Subprime

FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages

Prime

Subprime

FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to

the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January

2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by

Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned

(REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure

Actions” above.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in

“Mortgage Originations” above.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration

has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage

backed securities through independent MBS purchase programs, helping to keep mortgage rates at

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing tax

credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable

mortgage capital and help homeowners prevent foreclosures.

###

Appendix