Administration’s Housing Scorecard Shows Modest Gains

HousingWire reports the Obama administration’s August Housing Scorecard says the number of underwater borrowers fell from 12.1 million if the fourth quarter of last year to 10.8 million at the end of Q2 2012, a drop of 11 percent, according to data from CoreLogic. The most recent numbers show the share of upside-down borrowers fell from 25.2 percent in the fourth quarter of 2011 to 22.3 percent as of Q2 2012. The average home price in the second quarter of this year was only $700 above the price for the same period last year, indicating the housing market, and the economy as a whole, are slowly recovering. Other positive signs include home inventory levels falling from a 9.3 months supply one year ago to a 6.4 month inventory. In addition, as MHProNews has learned, new home sales rose to 31,000 units in August, up from 24,800 a year earlier.

(Photo credit: Matt Heafey)

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