Housing Market Stabilizing After Long Winter

White HouseEach month, the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury collect key data on the housing market’s health and the results of the administration’s mortgage modification and foreclosure prevention efforts. In April, the government’s monthly Housing Scorecard found that, though home prices are still rising and foreclosures have hit their lowest level in many years, home sales slowed during the winter, with new home sales dropping to an eight-month low in March. Katherine O’Regan, HUD assistant secretary for policy development and research, said harsh winter weather, tight credit standards, and fewer distressed properties for sale combined to slow the pace of home sales. But, according to O’Regan, the housing market is stabilizing despite the rough winter months. As evidence, the scorecard highlights a 6.9 percent rise in home prices over last year, foreclosure completions at their lowest level since mid-2007, and stabilizing existing-home sales data. More here.

Michael Rosenbaum

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