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HUD's Housing Scorecard for March showed signs of recovery

Shaun Donovan is the United States Secretary of Housing and Urban Development
Shaun Donovan is the United States Secretary of Housing and Urban Development
Photo by Andrew Burton/Getty Images

Each month, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Treasury release the Obama Administration’s Housing Scorecard. On April 4, 2014, they released the March edition. This report showed recent data and progress for the real estate market. The Housing Scorecard showed the residential housing market is moving in a positive direction.

Even though there are numerous positive signs, the Administration warns that the economy is still recovering from the Great Recession. The beginning of the HUD report was a statement from Kurt Usowski. His job role is the HUD Deputy Assistant Secretary for Economic Affairs. He said,

“The good news is that homeowners' equity is now over $10 trillion, foreclosure starts are at their lowest levels since 2005, and house prices remain stable.”

The Housing Scorecard showed that home prices have remained stable. The Federal Housing Finance Agency (FHFA) revealed that purchase-only home price index rose 7.4 percent from 2012, and it increased 0.5 percent from December 2013. In addition to the FHFA, the S&P/Case-Shiller 20-City Home Price Index for January also showed positive signs. It disclosed a return of 13.2 percent over the past year, but it was down 0.1 percent from December 2013.

Also discovered, the foreclosure statistics showed their lowest level since the fourth quarter of 2005. New foreclosures were at 51,842 properties, which was down 9 percent from January and 27 percent a year ago. Overall, the Housing Scorecard showed very positive signs for the real estate market. This is a sign that the housing market is moving positively.